Cattle futures sagged lower Wednesday with pressure from lower negotiated cash fed cattle prices and sluggish wholesale beef values.

Toward the close, Live Cattle futures were an average of $2.60 lower. Feeder Cattle futures were an average of $4.83 lower, except for 90¢ higher in spot Nov.

Presumably, USDA will publish the November Cattle on Feed report Friday. Pre-report estimates peg October placements and marketings 7-8% lower and Nov. 1 on-feed inventories about 2% lower.

Negotiated cash fed cattle prices were lower Wednesday. FOB live prices were $6 lower at $215-$219/cwt. in Nebraska and $4-$9 lower in the western Corn Belt at mostly $218 on moderate trade and moderate to good demand. Dressed delivered sales were $8-$10 lower in Nebraska at $340-$347. Although too few to trend, there were some dressed delivered trades in the western Corn Belt at $340-$347. Prices there last week was $350.

Trade in Kansas was light on moderate demand with Live FOB prices $4 lower at $224.

Although too few to trend, there were also some FOB live trades at $224/cwt. in the Texas Panhandle where prices last week were $228.

Choice boxed beef cutout value was 72¢ lower Wednesday afternoon at $371.23/cwt. Select was $1.40 lower at $353.55.

Grain and Soybean futures were lower Wednesday with likely profit taking.

Toward the close and through Jly contracts, Corn futures 7¢ to 8¢ lower.  KC HRW Wheat futures were 10¢ to 11¢ lower. Soybean futures were mostly 13¢ to 17¢ lower.