Higher grain prices are keeping the feeder cattle contracts at bay and the lean hog market wants to see more support before it fully breaks out of its sideways trend.
While cattle may not like the artic blasts of a snowstorm, the cattle market has a history of trading stronger amid winter storms and Monday’s market is largely following in that trend.
Feedlots are anticipated to price cattle higher this week and they know their window of opportunity to do so is growing thinner and thinner as May is quickly approaching.
North Dakota is expected to get the biggest blast with 12 to 24 inches of snow with the other areas mentioned getting closer to 6 to 12 inches of snow.
Cattlemen are willing to put up with a nasty storm to get some moisture, but for those who are calving, this week could be a bear to wrestle with.
Most likely retailers have already bought their Easter needs, but with more consumers looking to buy later this week, prices could see a bump from stronger demand.
Hog prices are lower on the Daily Direct Hog Report, down $0.50 with a weighted average of $96.03, ranging from $96.00 to $100.00 on 3,541 head and a five-day rolling average of $99.46.