Cattle posted a stronger close Monday somewhat tied to lower corn price and somewhat due to the winter storm moving through some cattle country. Hogs closed moved moderately higher with some strength from higher cutouts, but overall futures remained sideways.
Cattle: Steady. Futures: Higher. Live Equiv: $202.84 +$0.80*
Hogs: Higher. Futures: Higher. Lean Equiv: $114.15 +$3.48**
*Based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. Index has been updated to depict recent changes in live cattle weights and grading percentages.)
** based on formula estimating lean hog equivalent of gross packer revenue.
There was not a lot of excitement generated in live cattle futures as they opened with minor losses but then traded in positive territory for much of the day. The large movement took place in feeder cattle as the market dumped on the opening but slowly found footing and climbed higher into the close. It may not be so much that feeder cattle found solid support with.