Cattle futures drifted Wednesday as traders awaited cash direction. Likely, there was added hesitancy ahead of Friday monthly Cattle on Feed report. Estimates see placements being 8% less year over year and marketings down 12% for an April 1 inventory about 2% higher.

At the close and before final settlement, Live Cattle futures mixed, from an average of 28¢ lower in the front four contracts to an average of 27¢ higher. Feeder Cattle futures were an average of 24¢ lower, except for 15¢ higher in spot Apr.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $182/cwt. in the Southern Plains, $184 in Nebraska and $185 in the western Corn Belt.

Dressed delivered prices were $3-$4 lower in Nebraska at $293 and $4 lower in the western Corn Belt at $293.

Choice boxed beef cutout value was $1.24 lower Wednesday afternoon at $296.78/cwt. Select was $1.76 lower at $290.88/cwt.

Turning to row crops toward the close, Corn futures were mostly 2¢ lower through Dec ‘25. Kansas City Wheat futures were mostly 8¢ to 13¢ lower through Jly ’25. Soybean futures were 1¢ to 4¢ higher through Jan ’25.