8/22/17 was down $1.11 and the model projects that the component on yestereday's kill will drop between -0.75 and -1.05. Bellies crashed and burned yesterday with a plunge of 12.24.

With their lower bids packers purchased 96.4% of the moving average of index hogs and 86.0% of total hogs. With cutouts continuing to drift lower, I continue to wonder if packers are slowing their chain speed and backing hogs up. Prospects of that are not good sign.

Best wishes,

dhm