Cattle: Cash Steady-$2 HR Futures: 10-30 LR Live Equiv $130.52 + 0.21*
Hogs: Cash Steady-0.50 HR Futures: 10-30 LR Lean Equiv $ 93.18 + 0.52**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cattle country psychology received a nice shot in the arm by exploding futures on Monday. Accordingly, asking prices will probably hang high and tough until late in the week (if necessary). Barring a sudden board reversal, steers and heifers will probably be priced around $128-plus in the South and ...