4/30/19 was up +0.04 and the model projects that component on Tuesday's kill will be in the range of -0.15 to +0.15. The MMMs settled premium to the component by +4.94.

At the time the afternoon report was released, packers had purchased 78.7% of the moving average of total hogs purchased and 96.3% on the index hogs.

Cutouts were down another -2.72 being pulled down by bellies. The collapse in the cutouts is becoming problematic! Packers have to sell the product at a profit and they are not doing so at this point.

Best wishes,

Doc .