5/4/16 was up +1.02 to 74.10. A lot of "Gap" gets closed at a more than a buck a pop. The "Gap" now stands at +3.55 for the KKKs and 8.40 for the MMMs.

The six-day moving average carcass weight was up a little at 214.21#. That is +0.85# year/year. Index hogs were a bit lighter at 212.78# which was up a little heavier than yesterday.

On average over the past twelve years the Index has gained 0.99 from this date until cash settlement. In 2013 the index tacked on 14.66. The supply situation is far different now than in 2013!! More hogs and they are heavier.

I keep thinking that the MMMs have run out of steam to the top side and then they post another notch higher.

Best wishes,

dhm