Cattle: Cash Steady Futures: mixed Live Equiv $130.44 - 0.59*
Hogs: Cash 0.50-$1 HR Futures: mixed Lean Equiv $ 93.21 + 0.98**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Clearly, hog buyers returned from the weekend still hungry for live inventory. Dressed bids in the country were jumped more than $2 basis Iowa and failed to generate significant trade volume in the process. So it's not much of a stretch to expect another round of greater spending this morning. Lean futures ...