8/19/19 was down -0.51 and the model projects the component on yesterday's kill will drop between -0.50 and -0.80. When packers were having trouble selling pork yesterday, they really lowered their bids yesterday afternoon!!

Packers purchased 88.3% of the moving average daily purchases of total hogs and 95.3% on total hogs.

We know we are in the chase to find the low for this seasonality cycle and it usually comes about the time the ZZZs go to cash settlement and the market has that priced in at 62.85. Maybe the market is right and maybe the market is wrong. The VVVs settled -14.33 below the component. That is quite a "Gap".

Best wishes,

Doc