7/22/16 was down -$0.82 and the model projects that the component on Friday's kill will drop between -0.60 and -0.90. It appears that packers are still bidding lower but the lower frozen stocks number may be the nudge that is needed to turn packers to bid higher. It looks to me like packers' margins are fine so they can start bidding higher.

Packers purchased 116.3% of the moving average daily purchases on Friday. Producers are willing sellers.

Best wishes,

dhm