shows that packers have 2.07 million hogs purchased. That is 163K fewer than on this date last year. That is down 7.3%.

This confirms that hogs are in short supply but it tells us nothing about the demand side of the equation. Since we now have mandatory reporting of cut-outs, I can't report a direct comparison of cut-outs but they are definitely higher.

I'm trying to get the model to generate a cash settlement index for the NNNs but don't yet feel comfortable with the numbers I'm getting.

Best wishes,

dhm