4/21/17 was -$0.25 and the model projects that the component on Friday's kill will drop again. This time by something like -0.25 to -0.55. We are still in a down-trend but the rate of the decline may be slowing. Packers purchased a lot of hogs on Friday. Sometimes they end up short-bought in front of the Memorial Day holiday. They may be buying now to avoid that problem this year.

Scalping the MMMs has been all right this morning.

Best wishes,

dhm