7/20/18 was down -0.94 and the model projects the component on Friday's kill will drop between -0.60 and -0.90. The down-trend is still firmly in place. With their low bids packers purchased 101.6% of the moving average daily purchases of total hogs and 99.4% on the Index hogs.

I didn't get it posted Friday, but the component on Thursday's kill was down -0.64 to 78.30. Hogs are in a strong down-trend and falling cutouts could push them lower.

The Q/V spread dipped this morning and I piled a couple onto my boat. I will add more is they continue to fall.

Best wishes,

dhm