Cattle: Cash Steady/firm with Wed/Thur Futures: 10-30 LR Live Equiv $134.12 + 0.01*
Hogs: Cash Steady-0.50 LR Futures: 10-30 LR Lean Equiv $ 87.20 -$1.80**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Though poorly margined packers found no joy in their procurement work this week, they did what needed to be done, funding slaughter needs to cover standing beef order. The last half of that painfully effort surface in the North on Thursday when short bought cattle buyers were forced to ...