The afternoon Purchase Index for - - -

11/6/19 was up +0.10. Packers likely still have an inventory of less expensive hogs purchased so the model projects the component on yesterday's kill will be down between -0.20 and -0.50.

Yesterday by the time the afternoon reports were released packers packers had purchased 90.9% of the moving average daily purchases of total hogs and 88.8% on the Index hogs. Fairly strong numbers for a mid-week afternoon purchase.

Packers' gross margins on index has moved up to $44.18 per hog. It appears to me that packers have the ability to share a bit of that with the producers. Whether they decide to, though, is another matter.

The pre-opening is showing that some "Big Dogs" are on the prowl again bidding the ZZZs, GGGs and JJJs limit in the pre-opening.

Best wishes,