6/14/19 was down -0.09 and the model projects the component on Friday's kill will be down between -0.15 to -0.45. The down trend continueth.

With their lower bids, packers purchased 174.6% of the moving average daily purchases of total hogs. Fridays tend to be large purchase days but that is a monster the likes of which we seldom see. Index hog purchases were at a more reasonable 102.6%.

The MMMs settled premium to the component by +0.04 and the NNNs were premium by +2.01.

Best wishes,

Doc