3/4/19 WAS down -0.40 and the model projects the component on yesterday's kill will drop between -0.20 and -0.50. There was no carry-through to the up-trend I thought was developing. Packers made a weak purchase yesterday at 88.6% of the moving average daily purchases of total hogs and 87.4% on the index hogs.

The JJJs are trading premium to the component by 5.67. Obviously there are plenty of traders who believe there is going to be an uptrend to the component over the next month.

Best wishes,

dhm