5/21/18 was up +0.07 and the model projects the component on yesterday's kill will be up between +0.25 and +0.55. Packers still have an inventory of more expensive hogs purchased and that will be supportive of of the index for a day or two. There was some weakness developing in some of the markets yesterday. This could be a hint that lower packer bids are on the way following retailers filling their cases for the Memorial Day cook out.

Packers purchased 835% of total hogs and 79.8% on Index hogs. It is not clear whether the low purchase was because packers didn't want the hogs or because they couldn't find them. The more likely scenario is packers didn't want them now that the Memorial Day demand surge is most likely behind us.

I will be selling MMMs if there is a bounce this morning.
Best wishes,

dhdddddddm