Brad Kooima of Kooima Kooima Varilek says cattle futures saw some recovery on the opening Monday after a melt down on Friday which produced limit down closes in most of the feeder cattle contracts.

Grains ended mostly higher on renewed technical buying, while cattle closed with limit down moves in feeder cattle in reaction to President Trump's social media comments about beef.

Politicians, ranchers, industry experts and even Argentina’s own former undersecretary of Agricultural Markets agree that importing Argentinian beef is unlikely to lower U.S. grocery prices. That’s because Argentina consumes more beef than any other country per capita, meaning they only have so much left over to export. (9)

After putting out a call for action from producers to Congress, a group of representatives has sent a letter to President Trump, looking for more information on a plan to import more cattle.

But a much more vocal, widespread and bipartisan backlash has erupted among leaders of cattle industry trade groups and politicians in Washington, D.C., to both Trump’s comments about Argentina and his suggestion that U.S. ranchers should lower prices.