The final Purchase Index for - - -

for 2/26/19 was DOWN -0.61 and the model projects the component on yesterday's kill will drop between -0.35 and -0.65. The JJJs are now trading premium to the component by +2.65. Traders are still thinking (Hopeful) that there is a bounce in the Index coming before the JJJs go to cash settlement. A lot depends on the ability of packers to sell the pork. Yesterday it was steady. The Pow Wows Trump has coming up with the folks in Asia may be crucial to the direction hog prices will go.

Yesterday packers purchased 125.1% of the moving average daily purchases of total hogs and 105.6% on the Index hogs. Packers continue to run a lot of their hogs through their plants and they are finishing their hogs to HEAVY weights.

Today the futures are rather calm except for the JJJs that have jumped around a bit.

Best wishes,