4/11/19 was down -0.18 and the model projects the component on yesterday's kill will change in the range of -0.05 to +0.25. Packers may have enough more expensive hogs in inventory to keep the index component on today's kiil a bit firm. The JJJs settled discount to the component by -0.07 so we are in lock-step there. The MMMs are premium +18.91 to the component. Last year from this date until the MMMs expired the index went up 28.21 but on this date one-year ago the index was down at 53.23 so we have already had quite a bull-run in the index this year.

Yesterday packers purchased 86.9% of the moving average of daily purchases of total hogs and 95.2% on index hogs. That is a usual range of purchases for a Thursday.

Today is not going to be an un-eventful day!

Best wishes,

Doc