The final Purchase Index for - - -

3/1/19 was UP +0.24 and the model projects the component on Friday's kill will change in the range of -0.10 to +0.30. When I saw the Purchase Index come in up this morning, I knew I made a mistake going into the weekend short a couple of JJJs and it did not take a minute for my stops to be hit!!

Packers purchased plenty of hogs Friday -128.6% of the moving average of total hogs and 117.4% on the index hogs. Now to see if the packers are able to continue getting higher prices for the pork they are producing. They got a nice boost in prices on Friday. If they do, the lndex low of 45.30 posted on 9/3/18 may be the low for this Hog Cycle.

Best wishes,