Lean hog futures seem set to open with uneven prices as commmercials and specs jockey between cash premiums and board discounts.
Cattle: Steady-$2 LR Futures: Mixed Live Equiv: $138.33 +1.16*
Hogs: $1-2 LR Futures: Mixed Lean Equiv: $ 76.12 – .06**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
It seems safe ?o say that we’re in another dull and do-nothing Tuesday in the cattle country. Look for bids and asking prices to remain poorly defined until the second half of the week. Look for cattle futures to open on a mixed basis thanks to a combination of long liquidation and short-covering.