By Heather Schlitz

CHICAGO, May 6 (Reuters) - Chicago Mercantile Exchange cattle futures settled higher on Wednesday amid quiet, choppy trade, though they were supported by the Nasdaq and S&P 500 surging to record high closes.

Cattle markets often draw support from equity markets under the belief that consumers who feel confident in their stock holdings are more likely to shell out for beef, which is typically the priciest protein on grocery store shelves.

Chicago Mercantile Exchange June live cattle LCM26 settled 0.25 cent higher at 253.475 cents per pound. August feeders FCQ26 ended 0.75 cent higher at 373.05 cents per pound.

Market players are also monitoring the cash cattle trade this week to see if it measures up to the 255-cents-per-pound high reached last week.

Rains in Colorado, which is home to large feedlots, could cause travel disruptions and pose a risk of weight loss to cattle, which sometimes shy away from eating in rainy, muddy conditions, analysts said.

Boxed beef cutout prices turned lower on Wednesday afternoon. Choice cuts were priced $2.72 lower at $389.62 per hundredweight, while select cuts fell $2.61 to $389.63 per cwt, according to U.S. Department of Agriculture data.

"Demand hasn't been awful, but it hasn't been great. It seems like we're still a little soft given the time of year," said Matthew Wiegand, broker at FuturesOne.

The upcoming grilling season and warmer weather typically help support cattle futures, as summer usually ushers in stronger demand for red meat.

Beef packer margins continued to be deep in the red as the U.S. cattle herd remains near a 75-year low, with the closure of the U.S.-Mexico border to cattle imports also constricting supply.

Packers were estimated to lose $219.40 per head of cattle slaughtered on Wednesday, compared with $140.10 lost per head the week prior, according to Denver-based livestock marketing advisory service HedgersEdge. Meatpackers have slowed slaughter pace this week in an effort to regain some leverage, traders said.

Benchmark June lean hogs LHM26 ended 1.725 cents lower at 99.70 cents per pound.

"It's limping along with traders settling into the idea of soft demand and bigger numbers," Wiegand said. "It makes it hard to sustain buying enthusiasm."