Follow through selling on Tuesday left the board $0.32 to $1.17 in the red. April contracts closed at $122.40, converging with cash during deliveries. 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 mostly unestablished so far, save for some light $121 trade in TX. The Central Stockyards FCE auction has 3,643 head listed for Wednesday. Cash business last week was mostly +$123. Feeder cattle futures closed $2.05 to $2.42 weaker. The CME Feeder Cattle Index was up 30 cents on 4/12 to $141.91.
Wholesale Boxed Beef prices were mixed again on Tuesday, tightening the Chc/Sel spread to now $3.57. Choice boxes were down $1.30 and Select boxes are another 38 cents stronger. USDA’s estimate for Tuesday’s FI cattle slaughter is 116,000 head, leaving the week’s total at 228,000 head.
Apr 21 Cattle closed at $122.400, down $0.325,
Aug 21 Cattle closed at $120.900, down $1.050,
Apr 21 Feeder Cattle closed at $142.450, down $2.050
May 21 Feeder Cattle closed at $147.325, down $2.375
