6/25/19 was down -0.90 and the model projects the component on yesterday's kill will drop between -0.40 and -0.70. It looks like packers are getting on with what they are going to have to do - - cut their bid prices. Now that retailers have their cases full for the holiday grill, packers may face more red ink and have to cut their bids more aggressively.

Packers purchased 95.6% of the moving aveage daily purchases of total hogs and 99.8% on the Index hogs. Their bids for negotiated hogs were very, very weak in most markets.

I sold NNNs when they rallied this morning.

Best wishes,

Doc