4/12/1 was down -0.16 and the model projects the component on Friday's kill will change in the range of -0.15 to +0.15. Packers may have enough more expensive hogs to keep the Index trending upward or there could be a mild dip in the Index.
Packers were bidding a big stronger for the negotiated hogs but the formula hogs dipped a little. Packers purchased 96.8% of the moving average of total hogs and only 85.4% on the Index hogs.
I hope the packers get the information to the USDA in time to get the final purchase index before the hog market opens in the morning.