Cattle: Steady Futures: mixed Live Equiv $172.26 + $1.38*
Hogs: Steady-$1 LR Futures: mixed Lean Equiv $143.76 - $2.57**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
While we sense that cattle buyers remain generally short bought (pretty much their default status since before Memorial Day), they're probably not hungry enough to do anything in the cash market as early as today. Indeed, our guess if that significant trade volume could be delayed until Thursday or Friday (possibly not until the release ...