11/22/19 was down -0.48 and the model projects the component on Friday's kill will be down between -0.20 and -0.50. With their lower bids packers purchased 144.6% of the moving average daily purchases of total hogs. That is the largest Friday purchases since 10/23/19 suggesting that producers are highly motivated sellers. The Index hogs were also very high at 153.5%. The ZZZs are trading premium to the component by +1.83.

Best wishes,

Doc