4/22/19 was up +0.26 and the model projects the component on yesterday's kill will be up between +0.20 and +0.50. The MMMs are now trading premium to the component by 9.92. The model calculates that the component will need to move up by +0.27 per day to close that "Gap". Over the past five days the component has gained and average of +0.44 per day.

The cold storage report showed that the pork in storage is 1% lower than last month and down mildly year/year. Pork seem to be carried out as fast as it is produced and it is not going into storage.

Best wishes,

Doc