Word of the first trades in the cash markets didn't come until after the close, when market analysts and traders reported sales of 12,000 to 15,000 head in Nebraska's dressed market at $145 to $146 per hundredweight, about $2 less than the bulk of last week's trading action. A few also were reported at $90 in 3% shrink areas, which is about the same as $91 in the more standard 4% shrink areas, a market analyst said.

Elsewhere in the Plains, cattle haven't traded as cattle owners wait for a steady $92 bid from packer buyers. After the close, no such bid was reported, with most stuck in a range from $88 to $90.50 on a live basis, with the bulk at $90.

Market analysts and traders said the narrow trading range in the February and April contracts indicates the traders held nearby futures contracts at about the price they thought cash would trade and were satisfied to wait for cash direction. One trader said the close in February shows pit traders were expecting cash prices of $91 to $92 on a live basis.

Source: FXSTREET