The final Purchase Index will be late - - -

because the USDA has not posted the data. Packers are probably having difficulty getting the numbers to the USDA.

The MMMs are now trading premium to the component by about twenty points. One-year ago the "Gap" was six-points. My interpretation of this is that the CME Index has really taken a beating lately and pork is very cheap now. One year ago the cutouts were at 76.71 compared to the 65.46 we saw yesterday.

Best wishes,