Heading into the middle of the week, the cash cattle market will likely be tested as packers see what feedlots will settle for and feedlots aspire for higher prices.
It was a rather uneventful day throughout the livestock sector, as traders let most of the contracts wane lower, wanting more reassurance that the market does indeed support higher trade. Heading into Wednesday’s trade, seeing where cash cattle prices land will be critical as feedlots have an opportunity to demand at least $1.00 to $2.00 more.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.45 with a weighted average of $105.54 on 7,166 head.
December corn is down 1/2 cent per bushel and December soybean meal is up $6.10. The Dow Jones Industrial Average is down 85.79 points and NASDAQ is down 180.13 points.