8/9/19 was down -0.37 and the model projects the component on Friday's kill will drop between -0.15 and -0.45.

Packers purchased 125.0% of the daily moving average purchases of total hogs and 122.2% on the index hogs. Packers did indeed get their purchases up to the 120% level as they usually do on Fridays and they sweetened their bids just a little to finish out their purchases.

With cut outs being strong, packers may start bidding higher until the larger fall kill numbers start to show up. It will be a bit of a surprise if the seasonality high of 84.68 on the index gets taken out.

Best wishes,

Doc