because the USDA has not posted the morning reports. From the afternoon reports the model projects that the Purchase Index will drop -$0.60 and the component on Friday's kill will shed between -0.30 and -0.60. It appears that the down trend is firmly in place for the time being.

Cutouts held up Friday so packers are not being bruised by the prices they are paying for the product.

It may be the export market that is keeping the price of hogs up fairly well in the face of firm supply.

Still short the ZZZs but not much.

Best wishes,

dhm