4/25/19 was up +0.17 and the model projects the component on yesterday's kill will be up between +0.20 and +0.50. The MMMs settled premium to the component by +6.03 and the model calculates that the component will move up an average of +0.17 per day to close the "Gap".

By the time the afternoon reports were released, Packers had only purchased 82.5 % of the daily moving average daily purchases of total hogs but 99.3% on Index hogs. Did packers not want to buy hogs yesterday? Or were they having trouble finding them? Seeing bellies drop nearly 23 points is a bit worrisome and I wonder, "Are packers backing off buying hogs looking for lower prices?"

I have said we are going to see a lot of volatility as we go forward searching for the next seasonality high and the next Hog Cycle "Crest" and we are really getting it!!

Best wishes,

Doc