5/26/17 was DOWN -0.05 AND the model projects the component on Friday's kill will be up between +0.05 and +0.35. Packers still have a fair-sized inventory of more expensive hogs purchased that will be supportive for the Index. The weakness in the component may be short-lived if the historical pattern of strength prior to the Independence Day holiday plays out again this year.

Packers made a solid purchase of Index hogs Friday at 103.8% of the moving average daily purchases.

I'm still long the MMM and the pre-opening is saying that I am on the wrong side of the market which is not that unusual. I just hope it is not going to give me a trip behind the wood shed.

Best wishes,

dhm