Cattle: Steady-$2 LR Futures: mixed Live Equiv $136.64 - 0.24*
Hogs: Steady-0.50 HR Futures: 10-30 HR Lean Equiv $114.93 +$2.61**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Market watchers could see a few preliminary cattle bids tossed out midweek, but we assume that buying interest in general will be no better than lightly scattered. Though packers may be short bought, the strategy of late-week shopping has proven fairly successful since Memorial Day, and they're likely to stay with a winner. Nominal ...