Cattle futures hit new highs Wednesday and then reversed to close sharply lower with likely profit taking and skittishness over the overbought status and price levels.

Toward the close, Live Cattle futures were an average of $2.38 lower. Feeder Cattle futures were an average of $3.98 lower.

Negotiated cash fed cattle trade ranged from mostly inactive on moderate demand in the Southern Plains to limited on moderate demand in the North through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $218-$219/cwt. in the Texas Panhandle, $218-$220 in Kansas and $225-$228 in the North. Dressed delivered prices were $355.

Choice boxed beef cutout value was 74¢ lower Wednesday afternoon at $349.36/cwt. Select was $1.38 higher at $335.85.

Grain and Soybean futures were mixed again Wednesday.

Toward the close and through Mar ‘26 contracts, Corn futures were 1¢ lower to 2¢ higher. Kansas City Wheat futures were 9¢ to 11¢ higher. Soybean futures were mostly fractionally higher to 3¢ higher, except for 9¢ lower in spot May.