7/6/18 was down -0.46 to 81.73. The NNNs are now trading discount to the component by -1.15. Traders are now thinking that packers will be chopping away at there bid prices over the next week or so. Packers are moving their hogs to market at a rapid clip. Over the past 200-days packers hogs have made up 33.67% of the kill but in the last 6-days it has been 34.75% of the kill and on Friday packer hogs were 37.35% of the kill. This rapid rate of shipments by packers has dropped the carcass weight of packer hogs to the point that packer hogs are now -0.47# lighter than the non-packer hogs.

Best wishes,

dhm