Cattle futures were mostly higher Wednesday with increased chances of steady to higher negotiated cash fed cattle prices this week.

Toward the close, Live Cattle futures were an average of $1.14 higher, except for 10¢ lower in the back contract. Feeder Cattle futures were an average of 73¢ higher, except for unchanged to 20¢ lower in the back three contracts.

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

Last week, FOB live prices were $256-$258/cwt., in Kansas and $256 elsewhere. Dressed delivered prices were mainly $405.

Choice boxed beef cutout value was 38¢ higher Wednesday afternoon at $393.28/cwt. Select was $1.23 lower at $375.70.

Grain and Soybean futures were mixed but firmer Wednesday with higher oil prices and ahead of Thursday’s World Agricultural Supply and Demand Estimates.

Toward the close, and through near Mar contracts, Corn futures were mostly fractionally lower to 2¢ higher. Soybean futures were mostly 7¢ to 10¢ higher. Kansas City HRW Wheat futures were fractionally higher to 1¢ lower.