Cattle: Steady Futures: 10-30 LR Live Equiv $136.75 + 0.09*
Hogs: Steady-0.50 LR Futures: 10-30 HR Lean Equiv $115.62 +$1.39**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
The negotiated cash cattle market barely got off the ground last week with packers relying heavily upon contracts and formulas for the second consecutive week. We assume that showlists will be larger this week, padded with unsold steers and heifers carried over. We assume that packers will start out close to the knife and ...