3/28/19 was up 1.34 and the model projects the component on yesterday's kill will scoot up betweem +1.20 and +1.50. The "UP" trend in the Purchase Index is still intact but the futures don't seem to know it and are headed for the expanded limit down move.

With their higher bids, packers purchased 80.5% of the moving average purchases of total hogs and 96.5% on the Index hogs. Producers seem to be staying current in their shipments and the producers of negotiated hogs may be pulling hogs forward.

I may have lost my sanity but I piled a couple more futures on my boat this morning. It is a bit heartening to see futures have mostly rallied from the near expanded limit down move.

In my opinion, this is really a difficult market for producers who are trying to hedge their production.

Best wishes,

Doc

.