4/9/19 was up +0.002 and for all practical purposes is unchanged! The model projects that packers still have some more expensive hogs purchased that have not been processed yet and these hogs will nudge the component on Tuesday's kill up between +0.10 and +0.40.
With their steady bids, packers purchased 89.7% of the moving average daily purchases of total hogs and 97.5% on the index hogs. Producers seem to be willing sellers at even money from the day before.
Cutouts eased -0.18 yesterday to 83.11. With the index component on Monday's kill at 79.14, that gives packers a gross margin of +3.97. That is a very skinny margin that will leave packers in a sour mood when it comes to bidding for hogs.