6/5/19 was down -0.51 and the model projects the component on yesterday's kill will shed between -0.35 and -0.65. We are firmly in a down trend. When retailers begin filling their cases for the Independence Day holiday, the downtrend may be broken.

Even though packers were bidding lower, they still purchased 104.4% of the moving average daily purchases on total hogs and 100.51% on the Index hogs. Producers are willing sellers and they seem to have plenty of hogs. The kill since 3/1/19 has been significantly higher than projected from the last H&P report. Is this a time when the USDA missed on their count by a goodly number? Or are hogs being pulled forward? The carcass weights are very heavy which logic says would not be the case if hogs are being pulled forward,

Maybe the next H&P report with set us straight.

Best wishes,

Doc