Cattle futures were mixed Wednesday. Feeder Cattle were likely supported by sliding Corn futures, while Live Cattle could have been pressured in part by squeamishness about Friday’s monthly Cattle on Feed report. Odds favor it showing increased feedlot placements year over year, given the likelihood of drought-driven early placements, as well as the fact it will be the first year-over-year comparison without Mexican feeder cattle imports both years. Cargill’s initiated lockout of union workers at its beef packing plant in Ft. Morgan, Colo., also added uncertinaty.

Toward the close, Live Cattle futures were an average of $1.84 lower. Feeder Cattle futures were an average of $1.23 higher.

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

Although too few to tend, there were some early live FOB trades at $260/cwt. in Kansas and at $265 in the western Corn Belt. There were also some early dressed delivered trades at $415 in Nebraska and the western Corn Belt.

Last week, FOB live prices were $260/cwt. in the Southern Plains and $260-$265 in the North. Dressed delivered prices were $410-$415 in Nebraska and mostly $410 in the western Corn Belt.

Choice boxed beef cutout value was $2.13 lower Wednesday afternoon at $393.62/cwt. Select was $2.45 lower at $391.13.

Grain and Soybean futures were lower Wednesday with lower Crude Oil prices and confusion about the recently announced trade deal with China announced by the White House.

Toward the close, and through near Mar contracts, Kansas City HRW Wheat futures were 3¢ to 5¢ lower. Corn futures were 7¢ to 9¢ lower. Soybean futures were 8¢ to 12¢ lower.