9/30/16 was down -$0.90 and the model projects that the component on Friday's kill will drop between -0.60 and -0.90. Packers are doing what they know how to do - buy hogs cheaper.

And they bought a lot of hogs: 133.2% of the moving average daily purchases.

Now I await "The Markets" analysis of the H&P report by the way they jockey prices around..

Best wishes,

dhm