Follow through selling on Tuesday may leave basis in positive territory. There have been no physical deliveries scheduled through April 12, but there have been 119 tenders against April futures. Cash business for the week remains unestablished so far. The Central Stockyards FCE auction has 3,643 head listed. No cash trend for this week has been established, trade last week was mostly +$123. Feeder cattle futures are trading $0.75 to $1.57 in the red. The CME Feeder Cattle Index was up 65 cents on 4/8 to $141.91.
Wholesale Boxed Beef prices were mixed again on Tuesday morning, tightening the Chc/Sel spread to now $2.91. Choice boxes were down $1.60 and Select boxes are another 74 cents stronger. USDA’s estimate for Monday’s FI cattle slaughter is 112,000 head.
Apr 21 Cattle are at $122.725, unch,
Aug 21 Cattle are at $121.400, down $0.550,
Apr 21 Feeder Cattle are at $143.850, down $0.650
May 21 Feeder Cattle are at $148.925, down $0.775
