The final Purchase Index for - - -

3/7/19 was, as expected, up by +0.30 and the model the component will change between -0.05 and +0.25. If my read on the data is correct, it is saying that the downtrend to the Purchase Index has now been broken. If that is correct, there will be a slow steady climb from now until the Independence Day holiday.

But -

Technical, emotional and geo-political factors with create volatility that may be painful at times for us bulls. I am still HODLing some deferred contracts and I am counting on being able to augment my positions by buying dips and selling rallies.

Packers only purchased 82.5% of the moving average daily purchases yesterday of total hogs and 91.8% on the Index hogs. This may mean that packers will be a tiny bit hungry for hogs today. If the producers not too highly motivated sellers the stage may be set for another "UP" day for the Purchase Index.

I'm a bit surprised to see the JJJs up a point in view of the fact that the "Gap" has now opened to more than seven points.

Best wishes,