Cattle futures softened Wednesday and consolidated with some likely profit taking and waiting for weekly cash fed cattle direction.

Toward the close, Live cattle futures were an average of $1.72 lower. Feeder Cattle futures were an average of $3.27 lower, except for 55¢ higher in spot Sep.

Negotiated cash fed cattle trade was inactive on light to moderate demand in all regions, through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $240/cwt. in the Southern Plains, $236-$238 in Nebraska and $236-$237 in the western Corn Belt. Dressed delivered prices were $370 in Nebraska and $368-$376 in the western Corn Belt.

Choice boxed beef cutout value was $3.41 lower Wednesday afternoon at $377.39/cwt. Select was $3.48 lower at $356.42.

Grain and Soybean futures were lower Wednesday.

Toward the close and through away Jly contracts, Corn futures were 2¢ lower. Kansas City Wheat futures were 4¢ lower. Soybean futures were 3¢ lower.