Cattle futures were lower Wednesday, pressured by a sharp decrease in Choice wholesale beef values.

Choice boxed beef cutout value was $8.22 lower in the afternoon at $391.69/cwt. Select was 99¢ higher at $395.49. The Choice-Select spread was -$3.80. The last time the spread approached that level was in February 2022.

Toward the close, also awaiting the week’s negotiated cash fed cattle direction, Live Cattle futures were an average of 51¢ lower, except for 10¢ higher in away Aug.

Feeder Cattle futures were an average of $1.15 lower, except for $1.55 higher in waning spot Mar.

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 mostly $235/cwt. Dressed delivered prices were mostly $372.

Grain futures were higher Wednesday, supported by announced rescheduled U.S. trade talks with China.

Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures mostly 13¢ to 15¢ higher. Corn futures were 5¢ higher. Soybean futures were mostly 10¢ to 18¢ higher.