2/11/19 was down -0.58 and the model projects the component on yesterday's kill will drop between -0.30 and -0.60. The GGGs are now trading discount to the component by -0.73. I anticipate a lot of that "Gap" will disappear when we get the report on yesterday's kill.

Packers purchased 123.6% of the moving average daily purchases of total hogs and only 89.3% on the index hogs. That is a ratio not often seen. Don't know why the Index purchase was so low.

Have been waiting for the K/M spread to get back down to the -8.50 level and it reached it this morning and I bought at -8.525. So far it looks like a winner.

Best wishes,

dhm