7/14/16 WAS down -$0.84 and the model projects that the component on yesterday's kill will be down between -0.50 and -0.80. That will represent 50% of the cash settlement index. Projected cash settlement index on the NNNs is 80.12 with a range of 79.87 to 80.37. Will sell more at 80.30.

Packers made only a fair purchase yesterday at 81.5% of the moving average daily purchase. The thing I don't know is whether producers were dragging their feet on selling at the lower bid or whether packers just wanted fewer hogs so they dropped their bids to keep hogs from coming in. Weak cuts suggest the latter.

Best wishes,

dhm