that packers have 115K fewer hogs scheduled today than they had on this date last week.

The noon reports today were not very good reports but they are the best we have to work with so I will share with you what I think I am seeing. The model projects that the Purchase Index will be up $0.74 and the component on today's kill will show a gain of something in the range of +0.30 to +0.60.

It appears that the mild weakness in the scheduled number has packers keeping their bids firm this morning.

Today is turning out to be a slow day for me. It is a bit shaky to try to project where the settlement prices will be but it does appear that today will be an all right day.

Best wishes,

dhm