the noon reports data. But I have to work with what the USDA and the packers give me. The model projects that packers are still bidding quite firmly and the Purchase index for today will be up $1.02. The model projects this will translate into a gain for the CME Component on today's kill of something in the range of +0.80 to 1.10.
There is no hint here that the dip, often seen after the Independence Day demand surge, is about to click in.
It does appear that packers were able to get a fairly good purchase so far today. With the scheduled numbers being a bit weak on this morning's report, packers probably have a fairly good appetite for hogs today and the firm projected Purchase Index for today suggests that packers are willing to pay a little more to keep hogs coming in.