Cattle futures were higher Wednesday, continuing to backfill the gap left by tariff pressures. Positioning ahead of the monthly Cattle on Feed report — due out Thursday rather than the usual Friday — could have lent added support. Estimates ahead of the report peg March placements about 3.5% higher year over year and the on-feed inventory April 1 down close to 2%.

Toward the close, Live Cattle futures were an average of $1.23 higher (27¢ higher at the back to $2.27 higher at the front), except for 15¢ lower in away-Aug.

Feeder Cattle futures were an average of 94¢ higher (45¢ higher at the back to $1.65 higher toward the front), except for 5¢ lower in Mar.

Negotiated cash fed cattle trade ranged from inactive on very light demand in the western Corn Belt to  a standstill elsewhere through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $204/cwt. in the Southern Plains and $208 in the North. Dressed delivered prices were $327-$328.

Choice boxed beef cutout value was $1.90 lower Wednesday afternoon at $333.53/cwt. Select was 85¢ lower at $314.39.

Grain and Soybean futures were higher Wednesday, helped along by the lower U.S. dollar.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 2¢ higher. Kansas City Wheat futures were 4¢ to 7¢ higher. Soybean futures were 1¢ to 4¢ higher.