5/3/19 was up +0.33 and the model projects the component on Friday's kil will change in the range of -0.10 to +0.20.

With their lower bids, packers only purchased 79.4% of the daily moving average purchases of total hogs and 98.4% on the index hogs. Those are low numbers. Generally on a Friday they will be in the 120% range. The percentage of packer hogs in the kill mix on Friday soared to 48.84%. It could be that packers have decided to move out a bunch of their market hogs and I wonder if this is because they foresee hog prices headed lower and they will be able to buy at lower prices.

The MMMs opened locked hard limit down and that is to the component by 6.80.

Not a good day for those of us who were thinking higher and that China would step up and carry-off our excess production at sky-high prices.

Best wishes,

Doc