Cattle: Cash Steady-$2 HR Futures: 10-30 LR Live Equiv $137.25 +$1.85*
Hogs: Cash Steady Futures: 10-30 HR Lean Equiv $ 86.79 - 0.47**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Surprising trade volume in Kansas and Texas surfaced as early as Wednesday, thanks to crashing futures and attractive basis opportunities. A decent number of live deals (i.e., especially in Texas) were marked at $128, essentially steady with last week. Scattered business was reported in parts of the North at $203-204, steady ...