Cattle: Steady-$2 HR Futures: mixed Live Equiv $171.66 + 0.03 *
Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 72.07 + 0.43 **
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Short-bought cattle buyers will be necessarily looking for a way to cover near-term slaughter needs sometime today. Given the awkward combination of limited feedlot offerings and relatively lackluster beef demand, we're all quite familiar with the 11th-hour drill. Asking prices will be restated by feedlot managers at $165-plus in the South ...