9/12/19 was down -0.86 and the model projects the component on yesterday's kill will fall between -0.80 and -1.10.

With their lower bids packers were able to purchase 80.0% of the daily moving average total purchases and 91.2% on the index hogs.

Another lock limit up in pre-opening. It is puzzling to see limit up two-days in a row with the index falling and pork heading south. Someone knows something that is not obvious from the data and the news. World pork supplies are going to become very tight but will the shortage show before the VVVs go to cash settlement?? We are really producing a lot of pork now.

Best wishes,

Doc