4/16/19 was up +0.50 and the model projects the component on yesterday's kill will jump between +0.25 and +0.55. The uptrend in the Purchase Index and the CME Lean Hog Index is alive and well still.

With their higher bids packers purchased 85.3% of the daily moving average of total hog purchases and 93.8% on the index hogs. These are not particularly impressive numbers considering how much higher packers were willing to pay. The data continues to give some support to the notion that hogs have been pulled forward a bit so I am sticking with the long deferred futures and a boat load of calendar spreads.

Best wishes,

Doc