Cattle futures powered ahead Wednesday with little apparent explanation other than exuberant fund-buying and perhaps bullish positioning ahead of Friday’s monthly Cattle on Feed report.

Pre-report estimates peg the Jan. 1 feedlot inventory 0.2% lower year over year, December placements 1.8% higher and December marketings 1.3% higher.

Toward the close, Feeder Cattle futures were an average of $3.75 higher ($3.00 to $6.40 higher). Live Cattle futures were an average of $2.23 higher ($1.87 to $3.02 higher).

Negotiated cash fed cattle trade ranged from limited on moderate demand to mostly inactive on moderate demand through Wednesday afternoon, according to the Agricultural Marketing Service, with too few transactions to trend. Some early FOB live trade was noted in the Texas Panhandle at $202.

So far this week, FOB live prices are steady in Kansas at $201/cwt.

Last week, FOB live prices were $201 in the Texas Panhandle, $203-$205 in Nebraska and $203-$206 in the western Corn Belt. Dressed delivered prices $322 in Nebraska and $320-$322 in the western Corn Belt.

Choice boxed beef cutout value was 3¢ lower Wednesday afternoon at $332.02/cwt. Select was $1.56 lower at $317.99.

Grain and Soybean futures were lower Wednesday with likely profit taking.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 5¢ lower. Kansas City Wheat futures were 1¢ to 2¢ lower. Soybean futures were 3¢ to 10¢ lower.