"We are questioning what the supply will look like these next few months," Nelson said. "It'll be around July that supplies change earlier than normal."
CME April live cattle settled up 0.875 cent at 165.825 cents per pound and hit their highest price since March 8. June cattle rose 0.750 cent to 159.650 cents per pound and reached their highest level since March 9.
April feeder cattle finished 0.975 cent firmer at 198.200 cents per pound after touching their highest price since March 10.
Wholesale boxed beef prices weakened, the US Department of Agriculture (USDA) said.
In the hog market, front-month April futures ended 0.975 cent lower at 76.775 cents per pound. June hogs fell 1.900 cents to 90.825 cents per pound as weak cash prices weighed on futures, analysts said.
Hog traders on Thursday will review quarterly USDA data that analysts expect will show the nation's herd on March 1 was 0.2% bigger than a year earlier. Larger-than-expected hog slaughtering indicate the government has previously underreported the herd's size, analysts said.
Click here to see more...