Cattle: Steady-$1 LR Futures: mixed Live Equiv $142.16 - .11 *
Hogs: Cash Steady Futures: mixed Lean Equiv $101.29 - .06 **
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Both cattle buyers and sellers will want to hit the long weekend as soon as possible. Yet light to moderate business needs to be completed first. Several packers remain short bought and all certainly enjoy excellent margins. On the other hand, the board’s big discount of fears the basis strength may soon ...