Cattle: Steady-$2 HR Futures: mixed Live Equiv $172.67 + $1.01*
Hogs: $1-2 LR Futures: mixed Lean Equiv $107.21 + $1.63 **
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cattle buying should slowly start to improve this morning as short bought packers consider short term slaughter needs. Yet given higher asking prices (i.e., $172-173 in the South; $270 plus in the North) and bullish feedlot resolve significant trade volume could be delayed until sometime Friday. Live and feeder futures should open with ...