2/23/18 was down -0.36 and the model projects that the component on Friday's kill will drop between -0.35 and -0.65. We still seem to be in a down trend. The JJJs are now trading premium to the component by +1.53.

Even though packers were bidding lower on Friday, they were able to purchase 115.7% of the moving average daily purchases of Index hogs and 124.2% of total hogs.

Best wishes,

dhm