seem to validate what the data seems to be saying about producers hurrying hogs to market. The swine scheduled for delivery report shows that packers have 13.34% more hogs scheduled than they had on this date last year so the producers are still willing sellers.

Since I began trading the 2015 K/M spreads nearly a year ago, I have scaled in and out of dozens of them all profitably. My boat is nearly loaded now but I do have another "Buy" working out at -4.325. I would like to get out of a bunch of them in front of the next H&P report but I may have to wait for the pre-Memorial Day bump to get out (if it comes). Sometimes the K/M spread really crashes in front of Memorial Day.

As expected, the noon reports show that packers are a bit stingy with their bids and the component on today's kill will probably drop a little more than it did on yesterday's kill.

Best wishes,

dhm