More selling for the midweek cattle complex has futures another $0.75 to $1.27 cents weaker. April fats are down 32 cents at midday, trying to converge with the cash market. Cash business for the week remains mostly unestablished so far, save for some light $121 trade in TX. The weekly FCE auction resulted in no sales from the 3,643 head listed. Most asks were $122 to $122.50, while bids were capped at $121-$122. Some NE feedlots passed on $126 bids, seeking $128. Central Stockyards will also be hosting a Thursday auction. Feeder cattle futures are also triple digits weaker reflecting corn strength. The CME Feeder Cattle Index was up 30 cents on 4/12 to $141.91.     

Wholesale Boxed Beef prices were higher this morning, with a $2.18 increase in Choice boxes and a $1.36 increase for Select. Choice rib primals were quoted at $459 cwt. 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  are at $122.075, down $0.325,

Aug 21 Cattle  are at $120.150, down $0.750,

Apr 21 Feeder Cattle  are at $141.275, down $1.175

May 21 Feeder Cattle  are at $145.825, down $1.500