9/16/19 was down -0.33 and the model projects the component on Monday's kill will drop between -0.55 and -0.85. So the search for the seasonality low in the CME Lean Hog Index is continuing. Primal cuts did turn up a little today. If export sales begin to take-off, the seasonality low could be just around the corner. There is a very high probability that packers will want to begin moving all the pork they are producing at better prices than they are now getting before they will get very excited about throwing more money at hogs.

Today with their softer bids packers were able to purchase 117.0% of the moving average daily purchases of total hogs and 109.5% on the index hogs. Those are strong numbers for a Monday suggesting that producers are very willing sellers of hogs.

.Best wishes,

Doc