Cattle: Cash Steady Futures Mixed Live Equiv $135.70 - .66*
Hogs: Cash Steady-.50 HR Futures 10-30 LR Lean Equiv $116.21 -$1.54**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Greater spending right out of the gate Monday confirms our suspicion that hog buyers were set to start the holiday-shortened week fairly close to the knife. And limited country movement Monday makes us think they remain in a spending frame of mind this morning. Look for opening bids to be steady to .50 ...