Live and feeder futures should start out mixed this morning as traders jockey ahead of cash news and the new feedlot inventory. Lean hog futures are also set for a mixed opening with nearbys supported more than deferreds.
Cattle: Steady-$2 HR Futures: mixed Live Equiv $133.61 +$1.21*
Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 79.44 + 0.44**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Backed into the late-week corner, cattle buyers and seller will have to come to terms sometime today. Look for bids to be renewed around $109-110 live and $172-173 dressed. Asking prices should also be restated around $112 plus in the South and $175-plus in the North.