Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $153.50 + $2.75*
Hogs: Steady-0.50 HR Futures: 10-30 HR Lean Equiv $ 93.59 + $2.73**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
We could start to see a few preliminary bids this morning in parts of cattle feeding country (e.g., $135-136 in the South, $220 in the North). On the other hand, out-of-breath buyers may believe that it's dangerous to show further appetite sooner than absolutely necessary. Given firm asking prices of $141-42 ...