Cattle: Steady-$2 HR Futures: 50-150 LR Live Equiv $181.55 + 0.26*
Hogs: Steady-$1 LR Futures: 25-50 HR Lean Equiv $137.92 -$1.20**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
If cattle feeders trade steers and heifers today substantially above nearby live futures, it sure won't be a shocking novelty. Indeed, a standard feature of the summer market of 2014 has been an extraordinarily strong basis. Given the way the way the board has been lagging this week just as carcass value has ...