6/6/19 was DOWN -0.11 AND THE MODEL projects the component on yesterday's kill will drop between 0.20 and -0.50. It appears as the day wore on yesterday that packers concluded they had to get their cost of product down and dropped what they were willing to pay for hogs.

With their lower bids they were able to purchase 80.7% of the moving average daily purchases of total hogs ad 90.5% on the Index hogs.

Maybe I will hold the short MMMs for a while longer.

Best wishes,

Doc