Cattle: Cash Steady w/Wed Futures: 10-30 HR Live Equiv $133.72 + 0.47*
Hogs: Cash Steady-0.50 HR Futures: 10-30 HR Lean Equiv $ 91.98 + 0.49**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Defensiveness at midweek in the cattle market left the classical "chicken versus egg" question unanswered: Did cash business stumble because the board imploded, or did futures crash because of country weakness. It's truly tough to tell. Perhaps the real answer is some combination of both. At any rate, light ...