5/22/19 was down -0.66 which was quite a fall from the afternoon purchase index. I guess when packers could not sell the product yesterday, they decided to bid somewhat lower. The model projects the component on yesterday's kill will drop between -0.15 and -0.45. The index is now trending lower and that is what very often happens following retailers filling their cases for Memorial Day.

Packers purchased 102.5% of the daily moving average purchases of total hogs and 104.4% on the index hogs. Producers seem to be very willing sellers.

It appears that getting short the MMMs was much better than hanging onto the longs. Perhaps I should have piled even more shorts on my boat.

Best wishes,

Doc