7/31/19 was down a measly -0.06 and that triggered a limit down move in the hog futures???? It must have been something else that triggered the limit move. Sometimes the hog market does not need an excuse to make a limit move.

The model projects the component on today's kill will between +0.40 and +0.70 based on packers probably having enough more expensive hogs to kill to support the component a little for another day or so.

With their mildly lower bids, packers purchased 89.9% of the daily moving average on the total hog purchases and 100.6% on the index hogs.

I'm not sure what to make of this hog market, Dewey. Packers have had considerable incentive to get their cost of pork down which they have not been able to do but they have been selling the pork at quite a bit better prices. The model calculates that their margins on the Index hogs is $7.81/hog. Not great but much better than the red numbers seen very recently. A bounce tomorrow would be nice unless it is a "Dead Cat" bounce.

Best wishes,

Doc