The final Purchase Index for - - -

4/4/17 was down -0.94 and the model projects that the component on yesterday's kill will be down between -0.65 and -0.95.

Packers purchased 108.6% of the moving average daily purchases of index hogs and 113.2% of total hogs.

The cutouts dipped again yesterday. There is some risk that the liquidation phase of the hog cycle is going to be triggered causing the kill rate to escalate.

Best wishes.,