Cattle: Cash Steady Futures: 10-30 LR Live Equiv $128.71 + 0.11*
Hogs: Cash Steady Futures: 10-30 LR Lean Equiv $ 89.73 -$1.75**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cattle country hasn't seen many bids so far this week, and that's says a great deal about packer caution and unattractive margins. Nevertheless, buyers are short bought and will soon have to implement a strategy to secure short-term slaughter needs. So look for more preliminary bids this morning, probably around $123 in ...