Cattle futures gained traction from the recent headlines-driven decline, supported by steady to higher negotiated cash fed cattle prices.

Toward the close, Live Cattle futures were an average of $3.61 higher. Feeder Cattle futures were an average of $3.45 higher, except for $1.17 lower in away May.

Negotiated cash fed cattle trade ranged from light on moderate demand in Nebraska to limited on moderate demand elsewhere through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $260/cwt., which is steady to $2 higher in Nebraska, $4 higher in the Texas Panhandle and steady to $4 higher in Kansas. Dressed delivered prices are $6-$8 higher in Nebraska at $408-$410. In the western Corn Belt last week, FOB live prices were mostly $260 and dressed delivered prices were $400-$405.

Choice boxed beef cutout value was $2.05 lower Wednesday afternoon at $388.68/cwt. Select was $2.69 lower at $388.58.

Grain and Soybean futures were mixed Wednesday.

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 8¢ to 9¢ lower on profit taking. Corn futures were mostly fractionally higher to 2¢ higher. Soybean futures were mostly unchanged to fractionally higher through near Nov.