Cattle futures meandered in two-sided trading with thoughts of steady to stronger cash fed cattle prices this week and likely positioning ahead of Friday’s monthly Cattle on Feed report.

Depending on the estimates, analysts peg January feedlot placements 4% less, January marketings 13% less and the Feb. 1 inventory of cattle on feed down 1.6%.

Toward the close, Live Cattle futures were mixed from an average of 52¢ higher, to an average of 10¢ lower in four contracts.

Feeder Cattle futures were an average of 35¢ lower, except for 25¢ higher in the back contract.

Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were mainly $248/cwt. in the Southern Plains, mostly $245 in Nebraska and mostly $244-$245 in the western Corn Belt. Dressed delivered prices were $382 in Nebraska and $380-$382 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $1.37 higher Thursday afternoon at $365.17/cwt. Select was 84¢ lower at $359.79.

Soybean and grain futures were mixed Thursday.  

Toward the close, through near Sep contracts, Corn futures were mostly fractionally lower to 1¢ higher.

KC HRW Wheat futures were 14¢ to 16¢ higher with likely short covering and perhaps weather premium.

Soybean futures were 2¢ to 8¢ higher with likely technical buying.