4/25/16 was up near the max that the model projected at +0.47 putting the component on yesterday's kill at 68.75. I guess we do have an up-trend going but I have no idea how long it will last. MMMs are now premium to the component by 9.53.

Ka!! Ching!! Ka!! Ching!! All of the K/M spreads I piled onto my boat are now safely in the bank.

Anyway, back to the work at hand-

The six-day moving average carcass weight eased to 214.08# with packer hogs being +3.55# heavier than the non-packer hogs. The weight is +0.15# year over year. With packer hogs being heavier, I'm suspecting packers know a tight supply of hogs may surface.

But I don't dare trade it. I didn't even dare trade the firmness projected by the strong Purchase Index this morning although it would have been a great idea. I find myself gravitating more and more toward spread trading. It isn't often that I get stuck with a loser. I also have a bunch of short futures, Dewey, but they are all off-set by a long.

Index hogs are at 212.41# and that was mildly lighter.

Best wishes,

dhm