Cattle: Steady-$2 HR Futures: 25-50 HR Live Equiv $171.25 +$1.06 *
Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $143.06 - 0.19 **
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Beef packer inquiry could marginally improve this morning, but actual bids are likely to remain extremely cautious until sometime Thursday or Friday. And since patience has proven to be very rewarding for cattle feeders since Memorial Day, sellers should have no trouble staying with higher asking prices (i.e., $160-162 in the ...