8/21/19 was down -0.63 and the model projects the component on yesterday's kill will drop between -0.55 and -0.85. The VVVs settled discount to the component by -14.88. Cutouts took a terrible hit droppint -2.37 causing packers' margins to fall to $8.05 per hog.

With their lower bids, packers were able to purchase 81.0% of the moving average daily purchases of total hogs and 93.5% on the index. Producers seem to have plenty of hogs and they are willing sellers of their hogs. Packers are being challenged to sell alll the product they are producing.

Best wishes,

Doc