2/8/19 was down -0.25 and the model projects that the component on yesterday's kill will be down between -0.05 and -0.35. Considering the decline in the cutouts, the index seems to be holding up quite well. Perhaps the new plants are keeping packers hog appetite quite high.

Packer purchased 117.5% of the moving average daily purchases of total hogs and 121.2% on the index hogs.

Best wishes,

dhm