5/30/19 was up +0.07 and the model projects the component on Thursday's kill will will drop between -0.15 and -0.45. The MMMs settled premium to the component by 1.47. Primal cuts took a terrible beating dropping -2.63. The weakness in the product will probably weight very heavy on the futures market tomorrow. The MMMs came close to touching limit down on Thursday and it just might happen on Friday.

By the time the afternoon reports were released, packers had purchased 95.4% of he moving average daily purchases of total hogs and 90.7% on the INdex hogs.

Still short the MMMs and long the summer 2020 futures and have calendar spreads all over the place.

Best wishes,

Doc