Chinese ASF problem is as great as some are reporting and Trump and Xi come to an agreement exports will impact the MMMs and NNNs to about the same degree for the next six or seven months then differentiation between the two months will set in.

On average over the past eight-years the M/N spread has tended to trade in the range of +1.00 to -1.00 until the KKKs go to cash settlement at which time the NNNs have a mild tendency to gain over the MMM.

Thanks for posting you charts.

Best wishes,

Doc