Cattle: Steady-$1 LR Futures: mixed Live Equiv $134.91 -$1.20*
Hogs: Steady-0.50 HR Futures: 10-30 HR Lean Equiv $114.14 + 0.36**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Monday's cash hog trade was difficult to interpret with dressed deals lower and live business higher. But given the attractive premium of carcass value over the average dressed cost, we assume that packers are more interested in extended procurement than not. Lean futures seem likely to open moderately higher, supported by profit taking and ...