There was fear that, with both live cattle and feeder cattle being able to trade into their expanded limits, the day could face some volatility, but thankfully, Monday only brought moderate gains.
Monday ended up treating the livestock contracts far better than anticipated as the contracts were able to close mostly higher. The snowstorm that is moving across the nation’s feeding regions could push this week’s cash cattle trade into waiting until later in the week, which would help feedlots entice packers into pay more. Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.16 with a weighted average of $55.30 on 6,373 head. March corn is up 11 cents per bushel and March soybean meal is up $8.00. The Dow Jones Industrial Average is down 36.98 points and NASDAQ is up 92.93 points.