Higher fuel prices are expected to be a direct impact on consumers discretionary spending habits.

Lastly, cattlemen have bid inventory to levels that have encouraged other producers, outside of the US, to increase production capabilities.

The close below $239.10 April sets the stage for some definitive points of interest.

The feeder cattle market is bullish because there are more producers bidding higher to attract inventory to their production facility.

Basis didn't improve much, if any, and everyone appears to be holding their breath to see who pays up, and who doesn't.

The loss of Mexican cattle to produce has come home to roost.

In my opinion, a plethora of news, rumors, and potential changes in processing, sent a lot futures traders to the sidelines.

A tremendous amount of volatility today. Futures appeared to begrudgingly move higher with cash remaining firm.

I believe wave 5 of 5 of the B wave is complete or near so enough to warrant these recommendations.

Backgrounders are now believed in a similar spot as cattle feeders when looking at projected margins.