4/21/15 was DOWN -$0.07. That is the first down day since 4/1/15 when it eased by 0.68. Even though the Purchase Index was down, the model projects that the CME Lean Hog Index component on the 4/21/15 kill will move up by +0.15 to +0.45 because packers still have a nice inventory of hogs purchased at somewhat higher prices.

Packers made a fairly good purchase at 92.4% of the moving average daily purchases and they got them with mildly lower bids. The number of hogs scheduled yesterday was only 3.85% greater than the same period last year. A one-day number does not mean much but I will surely be looking at the number today since it may be an indication that numbers are thinning out. I will be surprised if that turns out to be the case.

I'm clinging to the short MMMs.

Best wishes,

dhm