Cattle: Cash $2-$4 HR Futures 50-150 HR Live Equiv $174.06 + .79*
Hogs: Cash Steady-$1 LR Futures 100-150 LR Lean Equiv $141.37 - $1.24**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Based on the sizzling sample of cash cattle sales seen here and there on Wednesday (e.g., $255 basis Nebraska; $160 basis Iowa), we assume significant trade volume will eventually develop at sharply higher prices sometime Thursday and/or Friday. Just when you think this summer's bullish curiosity is about to run ...