Monday fat cattle futures are trading 15 to 40 cents in the red, led by August. USDA confirmed cash business last week was $120 - $125, with the bulk +$123. Feeder cattle futures are mixed but mostly higher reflecting the weakness in corn. April prices are down 30 cents, but the other nearbys are up by as much as 42 cents at midday. The CME Feeder Cattle Index was up 65 cents on 4/8 to $141.91.
Wholesale Boxed Beef prices were mixed this morning, tightening the Chc/Sel spread to $5.56. Choice boxes were down $1.34 to $270.83 and Select was up by $1.20. Choice ribs were quoted at $463.43, and loins at $394.23. USDA’s estimate for the week’s FI cattle slaughter is 641,000 head.
Apr 21 Cattle are at $123.150, down $0.275,
Aug 21 Cattle are at $122.050, down $0.350,
Apr 21 Feeder Cattle are at $144.575, down $0.175
May 21 Feeder Cattle are at $149.850, up $0.225