Cattle: Cash Steady-$2 LR Futures mixed Live Equiv $136.43 - 0.55*
Hogs: Cash 0.50 LR Futures: 10-30 LR Lean Equiv $ 85.79 -$1.14**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
When cattle futures broke hard again on Tuesday and basis opportunities became more attractive, some feedlot managers agreed to lower asking prices and sell a modest number of steers and heifers (i.e., $125 in the South, $2 lower; $124-125 in the North, $2-2.50 lower). Signs of eroding carcass value also worked ...