Cattle: Cash Stdy-$2 LR w/Wed Futures: 10-30 HR Live Equiv $132.64 -$1.08*
Hogs: 0.50-$1 HR Futures: 10-30 LR Lean Equiv $ 91.61 - 0.37**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
This has turned into ugly week for the cattle market, one with crashing futures, struggling beef cut-out, and now a crippling blow to slaughter infrastructure (i.e., Cargill's decision to close its Plainview plant). All the bearish confusion generated by these developments has made it very difficult for buyers and sellers ...