Live Cattle
Short Term: Down
Long Term: Down
Opening Calls: 25-50 Lower

Live cattle futures couldn't hold onto any of the improved technicals from a week ago, closing sharply lower on Monday. Weakness continued into afternoon trade on the fats, suggesting a lower open this morning. Cutout values were mixed, with choice up 1.89 and select off .64 for the day. Our showlist was up 6% from a week ago but only carried over 10% of last weeks total, which was amazing considering the lack of cash movement on Friday. Reports of early week packer interest did little to support trade.

Feeder Cattle
Short Term: Down
Long Term: Down
Opening Call: 30-60 Lower

Feeder cattle futures were the downside leader on Monday, with most contracts more than 4.00 lower by the end of the afternoon session. Corn prices were up a nickel an Monday and are trading a couple cents better overnight. Cash index levels rose 1.64 on Monday and will be very interesting over the next couple of days. The start of a new month could have an impact on commodity fund trading.

Bret Crotts
Schwieterman Marketing, LLC