3/8/16 was down -$0.51 and the model projects that the component on yesterday's close will be down between -0.15 and -0.45.

Packers only purchased 59.5% of the moving average daily purchases. That is as small of a number as I can remember seeing.

Packers bidding lower tells me packers were not wanting hogs very badly.

Yesterday the 6-day moving average carcass weight was down nearly a half pound in all categories. That should be a sign telling us that producers are very current in their shipments.

Cutouts have moved up a couple of points since the first of the year so demand is fairly good.

Contracting supply and stable demand could foretell stable to mildly firm prices - and certainly not a drop of 19.39 in the index like we saw from this date until the MMM went to cash settlement in 2014.

Best wishes,

dhm