for 5/29/19 was down -0.31 and the model projects the component on yesterday's kill will fall between -0.15 and -0.45. We are still in the post-Memorial Day doldrums. The MMMs settled premium to the component by +2.96.

Even though packers were bidding lower, they still purchased 96.7% of the daily moving average daily purchases of total hogs and 104.8% on the index hogs. Producers are moving hogs at least as fast as they are finishing and maybe even pushing them out faster than they are finishing and actually reducing their inventory of market hogs a bit. The model show that about 360K more hogs have been killed since 3/1/19 than projected from the last H&P report.

Best wishes,

Doc