yesterday's kill dropped another -1.31 to 75.44. Packers are getting on with the work at hand to fix their margin problem. The NNNs are now trading discount to the component by -2.09. If packers don't stir up some better product sales, the Index may decline enough to push the NNNs further down-hill.

The 6-day moving average carcass weight was steady at 212.96#. That is + 4.54# yr/yr. Packers are continuing to like to process heavier hogs. Index hogs were a bit heavier at 213.25#. Packer hogs were heavier than the non-packer hogs today by +0.13#. Packers have been shipping hogs rapidly for several weeks and they appear to have become more current in their shipments. The percentage of packer hogs in the kill mix is declining a little lately.

Being short the NNNs and long the summer 2020 futures is working today. I was short some Z/G spreads and was able to get them off my boat this morning and hustle to the bank with a few bucks. I will sell them again if the pop a little.

Best wishes,

Doc