 An early week rally was slowed as the outlook for the week's cash trade turned less optimistic. The cash feeder cattle index set a new record high, just over $259 at the start of the week. However, both the cash index and feeder cattle futures were lower by the end of the week. Negotiated fed cattle trade started at midweek, with live trade in the north down $2 at $196, while live sales in the south were one to two lower at $188. Seasonally, cattle futures mark a low in July and tend to strengthen in August ahead of the Labor Day holidays.