Cattle futures were lower Wednesday. Part of it likely stemmed from rumors, yet again, about the reopening of the U.S. border to Mexican feeder cattle imports. Some profit taking ahead of Friday’s Monthly Cattle on Feed report could have also added pressure. Early estimates see March placements and marketings down 6-7% with the April 1 on-feed inventory slightly less year over year.

Toward the close, Live Cattle futures were an average of $1.16 lower, except for 12¢ higher in spot Apr. Feeder Cattle futures were an average of $3.76 lower.

Negotiated cash fed cattle trade was limited on moderate demand in the Texas Panhandle through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early FOB live trades at $248/cwt. Prices there last week were mostly $246.

Elsewhere, trade was inactive on light demand.

Last week, FOB live prices were $246-$249 in Kansas, $248-$249 in Nebraska and mostly $248 in the western Corn Belt. Dressed delivered prices were $388-$390 in Nebraska and mainly $388 in the western Corn Belt.

Choice boxed beef cutout value was $1.22 lower Wednesday afternoon at $381.98/cwt. Select was $1.22 lower at $378.58.

Grain and Soybean futures were firm to higher Wednesday.

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were fractionally higher to 1¢ higher.

Corn futures were 8¢ higher, supported by short covering and potential weather premium on the planting outlook.

Soybean futures were 7¢ to 9¢ higher through near Nov.