Cattle futures continued higher Wednesday, supported by more bullish outside markets, recently higher wholesale beef values and likely positioning ahead of Friday’s monthly Cattle on Feed report, which many expect to be bullish. Estimates ahead of the report see December placement down about 5%, December marketings about 2% more due to an extra marketing day and total cattle on feed Jan. 1 more than 2% less year over year.

Toward the close, Live Cattle futures were an average of 46¢ higher. Feeder Cattle futures were an average of $1.33 higher.

Negotiated cash fed cattle trade was inactive on light to moderate demand through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $233/cwt. in Kansas, mostly $233 in Nebraska and mostly $232 in the western Corn Belt. Dressed delivered prices were mostly $365 in Nebraska and $363-$365 in the western Corn Belt.

Choice boxed beef cutout value was $1.35 higher Wednesday afternoon at $366.11/cwt. Select was $2.61 higher at $362.45.

Grain futures were lower on Wednesday, but Soybean futures were higher with support likely including short covering and weather risk based on South American weather.

Toward the close, through near Sep contracts, Corn futures were mostly fractionally lower to 2¢ lower. KC HRW Wheat futures were 2¢ to 3¢ lower.

Soybean futures were 10¢ to 12¢ higher.