Cattle futures gained Wednesday, buoyed by the friendly World Agricultural Supply and Demand Estimates (WASDE), which weighed on Corn and underscored the higher price outlook for cattle (see below).

Feeder Cattle futures closed an average of $1.84 higher.

Live Cattle futures closed an average of 30¢ higher, except for 52¢ lower in spot Apr.

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

Last week, live prices were $165/cwt. Dressed prices were $265 in Nebraska and $262-$265 in the western Corn Belt.

Choice boxed beef cutout value was $3.15 lower Wednesday afternoon at $284.78/cwt. Select was 63¢ higher at $278.12/cwt.

Corn futures closed mostly 8¢ to 9¢ lower.

KC HRW Wheat closed mostly 2¢ to 9¢ lower.

Soybean futures closed mostly 1¢ to 2¢ lower.