Cattle: Cash Steady Futures Mixed Live Equiv $134.18 - .64*
Hogs: Cash .50-$1 LR Futures 10-30 LR Lean Equiv $105.27 -$1.61**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
If the late-week cash cattle trade turns out to be steady, neither buyers or sellers will be terribly happy. Yet that's the market verdict we expect to be handed down sometime between late morning and early afternoon. The awkward combination of relatively tight feedlot offerings and lackluster beef demand really doesn't suggest much ...