3/26/18 was down 0.62 to 60.22. The JJJs settled discount to the component by -2.50.

The six-day moving average carcass weight eased to 214.56#. That is +1.70# year / year. Index hogs were also lighter at 214.74#. Packer hogs are still +1.47# heavier than non-packer hogs. Too much product is keeping downside pressure on the cutouts. They dropped 1.20 yesterday and bellies gave up 6.57!

Tomorrow we get the H&P report. The model projects the 180# and up category will be +3.80%. Not good news.

Best wishes,

dhm