Cattle: Cash Stdy/firm with Wed/Thurs Futures: mixed Live Equiv $138.18 + 0.63*
Hogs: Cash Steady Futures: mixed Lean Equiv $ 94.53 - 0.39**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
If packers want to buy more cattle this morning, they will certainly find it necessary to work at the top end of the week's price range (i.e., $129-131 live, $207-208 dressed). Yet given how quickly trade volume seemed to cool on Thursday (e.g., Nebraska movement seemed no better than moderate), it ...