5/20/19 was up +0.03 and the model projects the component on yesterday's kill will change between +0.10 and +0.20. The MMMs settled premium to the component by +7.35.

Packers purchased 89.3% of the moving average daily purchases of total hogs and 89.9% on the Index hogs.

If China does not start buying more pork, we are going to see a limit down move in the MMMs as part of the "Gap" closing waltz that is now underway for the MMMs.

Best wishes,

Doc