8/12/19 was up +0.47 and the model projects the component on Friday's kill will change in the range of unchanged to +0.30. This will be the other 50% of the cash settlement index for the JJJs. Going to cash settlement the JJJs appears to have been all right - no big loss and maybe a small gain.

With their firm bids, packers purchased 112.7% of the moving average daily purchases of total hogs and 115.4% on the index hogs. Those numbers are a bit weak. They are generally in the 120% range for the weekend.

The MMMs are trading premium to the component by 19.61. It takes an ITZ 20-point move to close that "Gap". Last year from this date until the MMMs expired the Index jumped more than 25-points but the starting point was in the low 50s compared to the component at 79.39 which is where we were Friday.

Best wishes,

Doc