// was down -0.30 and the model projects the component on yesterday's kill will be in the range of +0.05 to -0.25. Most likely we are headed down again. The MMMs settled premium to the component by +5.20. I have been somewhat on guard thinking that the MMMs might do a limit down move. With the cutouts being down -2.24, that possibility becomes even more likely. If it happens, other months may be pulled down also.

With their lower bids, packers purchased 100.5% of the moving average daily purchases of total hogs and 98.9% on the index hogs. Producers have the hogs to ship and they are shipping them as fast as the packers will take them.

Best wishes,

Doc