Cattle: Cash Steady-$2 HR Futures: 10-30 HR Live Equiv $137.55 - 0.04*
Hogs: Cash Steady-0.50 LR Futures: mixed Lean Equiv $ 85.54 - 0.75**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cattle market expectations will start the week with great diversity, not surprising given the way futures went one way last week (i.e., significantly lower) and beef cut-out went another (i.e., sharply higher). Given limited trade volume counted through Friday, we expect to see a combination of short-bought packers and feedlot ...