Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $168.03 + 0.43*
Hogs: Steady-$1 HR Futures: 10-30 LR Lean Equiv $142.13 + $2.14**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Feedlot county started trading cattle last Thursday, so it's a good guess that the needle on some packer tanks are edging toward "empty". We should at least see cattle buyers toss around more bids this morning, probably around $148 in the South and $235-236 in the North. Needless to say, such preliminaries ...