6/25/18 was down -0.74 and the model projects that the component yesterday's kill will change in the range of -0.20 to +0.10. Packers may still have an inventory of more expensive hogs purchased that will be a bit supportive of the component today but it appears to be heading lower now that the Independence Day demand surge has been met. The NNNs settled discount to the component by -8.07. That is quite a "Gap" but in 2012 it was -9.44 on this date.

Best wishes,

dhm