8/20/18 was down 0.50 and the model projects the component on yesterday's kill will drop between -0.80 and -1.10. Packers firmed their bids in some markets but they may still have an inventory of less expensive hogs that will keep the component under pressure for another day or so. The VVVs settled premium to the component by +5.45.

Packers purchased 91.8% of the moving average purchases of total hogs and 84.7% on the index hogs.

Another case of the African Swine Fever virus may have emerged in China.

Am still HODLing the summer futures although I did scalp in and out with a couple yesterday.

Best wishes,

dhm