3/28/19 was up +1.97 to 74.85. The JJJs are trading premium to the component by 4.95. The model calculates that the component will need to gain +0.47 per day to close the "Gap" The component has gained an average of 1.99 per day over the past nine-days. With the Purchase Index being up on yesterday's purchase, it is highly likely that the component will be up for the next two days.

The 6-day moving average carcass weight firmed to 215.31#. That is +0.19# yr/yr. Index hogs are a bit lighter at 213.66#. Packer hogs are a bit heavier and non-packer hogs were down a little. Packer hogs are now +4.62# heavier than the non-packer hogs. 38.30% of the kill was packer hogs. That is up from about 32.5% one year ago. Not only are packers shipping more hogs but they are heavier.

There is a lot of money changing hands in the hog market today. At one point it appeared that my margin was going to suffer but the black clouds seem to have a silver lining now.

Best wishes,

Doc