5/1/19 was down -0.17 and the model projects the component on yesterday's kill will change between +0.10 and -0.20. With cutouts being down again, we are having to deal with a bunch of grouchy packers. The MMMs are now trading premium to the component by +9.61. We are dealing with high volatility still.

With their lower bids packers were able to purchase 88.5% of the moving average daily purchases of total hogs and 106.7% on the Index hogs.

The calendar spreads are working a little today and it is paying off for HODLing the deferred contracts.

Best wishes,'

Doc