6/27/17 was DOWN -$0.08 AND the model projects that the component on yesterday's kill will be up between +0.05 and +0.35. Packers still have an inventory of higher price hogs purchased that may keep the component firm for a day or so even if packers lower their bids. After that the index begin to drift lower if packers continue to lower their bids. Demand will continue to be a factor. Yesterday cutouts were firm so demand has not yet began to crumble.

Packers were able to purchase acceptable numbers yesterday so hogs are moving well.

Two days until the H&P Report and I wonder what it will do either to or for me.

Still long some NNNs and a Q.

Best wishes,

dhm