Cattle: Cash Steady-$1 HR Futures: mixed Live Equiv $132.86 + 0.37*
Hogs: Cash Steady Futures: 10-30 LR Lean Equiv $ 90.73 - 0.63**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
The cash hog trade should open with near steady packer bids. Yesterday clearly saw sharply lower packers bid in most areas. Yet frugal-minded buyers did seem very successful in moving significant numbers. Lean contracts are likely to begin some lower, pressured by midweek fundamentals and the discount of the cash index.