shows that packers have 14.55% more hogs scheduled today than they had on this date one-year ago. It surely does appear that producers have expanded production far beyond the 3.68% increase in the breeding herd reported in the last H&P report or the approximate 3.5% increase in the market hog inventory.

The kill over the last six-weeks is +6.83% higher than the same period last year compared to an estimated +3.5% based on the last H&P report.

Day-after-day we are getting clue-after-clue that producers have moved into the expansion phase of the hog cycle and the expansion is somewhat greater than shown in the last H&P report.

The data seems to suggest that trading from the short side has more potential than trading from the long side.

Best wishes,

dhm