4/25/19 was down -0.18 and the model projects the component on yesterday's kill will change in the range of +0.05 to +0.35. Packers may have an inventory of more expensive hogs that will tend to support the component today and possibly Monday. The MMMs are trading premium to the component by +9.23. The model calculates that the component will need to gain an average of +0.185 per day to close the "Gap".

Packers purchased 82.5% of the moving of the moving average daily purchases of total hogs and 105.9% on the Index hogs. It does not appear that producers were aggressive sellers of hogs.'

The volatility continues to be high in the hog market.

Best wishes,

Doc