have become anxious sellers of hogs Friday afternoon enabling packers to lower their bids further and that is exactly what happened. The final Purchase Index for Friday dipped in the afternoon to -1.29 and the model projects the component on Friday's kill will be down between -0.85 and -1.15. "The Market" is trying to price in the seasonality low and it had it at 58.775 at Friday's settle but now it is saying that is too low and the ZZZs are above 60 in the pre-opening.

With their lower bids, packers were able to purchase 116.7% of the moving average daily purchases of total hogs and 118.3% on the index hogs. That is close to the 120% generally seen on Fridays.

Best wishes,

Doc