6/22/18 was down -0.71 and the model projects that the component on Friday's kill will be unchanged to up 0.30. Packers may still have a few more expensive hogs to kill that will be supportive of Friday's component. It appears that the Independence Day holiday surge is over and the strong cold storage report, along with the trade war, seemed to set the stage for the index to head lower so I got short the NNNs near the opening this morning. The NNNs are now trading discount to the component by -8.09. That is a big, B I G "Gap" for this time of the year
Packers made a solid purchase Friday with their lower bids.
Best wishes,
chm