2/23/16 was down -$0.20 and the model projects that the component on yesterday's kill will be in the range of -0.15 to +0.15 - - in other words nearly unchanged. With these lower bids packers only made a fair purchase yesterday at 85% of the moving average daily purchases.

I'm anxious to see the 201 report (which is going to be late because of packer submission problems) hoping to get a clue relative to the direction carcass weights are headed. If they continue to decline, it will suggest to me that hog numbers are a bit smaller than suggested by the last H&P report.

Scalping is good today and it feels good to have made four trips to the bank making deposits on spreads that I successfully ferried across the pond on my trusty little boat.

Best wishes,

dhm