7/13/18 was down -0.63 and the model projects the component on Friday's kill will drop between -0.30 and -0.60.

Packers purchased 112.7% of the moving average of total hogs and 104.7% on the index hogs. That is not a particularly large purchase for a Friday/weekend.

We seem to be headed for a trough in the hog cycle.

Best wishes,

dhm