Cattle and hogs higher early Monday, grains are mixed.
Brad Kooima, Kooima Kooima Varilek, says cattle futures gapped higher on the open shaking off the bearish Cattle on Feed Report numbers.
On feed numbers were at 100.3% and just under 12 million head, but a record.
Placements were at 105% which was above expectations.
Instead the market latched on to the weekend headline about New World Screw worm detected in a Mexican cow and border restrictions that followed.
He says the impact on the market will depend on the duration of import restrictions.
Cash cattle trade also beat expectations with steady money in the North but mostly $1 to even $2 higher trade in the South.
Hogs continue to consolidate with funds shedding some of their record length but are seeing spillover from higher cattle.
Corn saw another 17.9 million bu. of export business to Mexico this morning but is being drug down by wheat.
Soybeans are trying to extend gains after scoring a key reversal off contract lows on Friday.
The markets is trading talk of China buying 8-10 carogos for early February delivery with the option to switch the origin to South America.
Sinograin is the buyer so it looks like those soybeans are for the reserves.
