The final Purchase Index for - - -

4/5/19 was up +0.52 and the model projects the component on Friday's kill will move up between +0.45 and +0.75. The JJJs are trading just +0.26 premium to the component so the "Gap" may close this morning when the 201 report comes out.

Packers purchased 118.2% of the moving daily average of total hogs and 117.6% on the index hogs. Friday afternoon packers were able to purchase the hogs they needed without putting more money on them. I was expecting a bit higher bids by the packers.

Still HODLings the deferred contracts and hustling a few calendar spreads on and off my boat. Today I sold a handful of the K/M 2s at -1.975.

Best wishes,