7/2/18 was down -0.13 and the model projects that the component on yesterday's kill will decline between -0.25 and -0.55. Packers may be reluctant to bid higher for hogs if the drop in cutouts yesterday means anything. The NNNs settled premium to the component by 0.63 yesterday. The price packers are paying for hogs seems to be trending lower. Carcass weighs are also trending lower.

Best wishes,

dhm