4/21/16 was up +$0.70 and the model projects that the component on yesterday's kill will move up between +0.20 and +0.50. With these higher bids packers made only a fair purchase at 91.1% of the moving average daily purchases.

I was not expecting to see the Purchase Index this strong. Perhaps the strength in the cutouts yesterday sent packers looking for hogs.

For sometime I have been wondering if the lower carcass weights on the Index hogs was suggesting that producers of index hogs were more current in their shipments than the rest of the producers. If that is the case, it might be a little bullish.

Ka!! Ching!! Ka!! Ching!! Just made a trip to the bank with the profits generated when I sold two long G/V spreads off my boat.

Best wishes,

dhm