eased to 213.37#. That is +10.53# yr/yr. I keep watching the carcass wt looking for a clue that will validate or invalidate the quarterly H&P inventory. I have been assuming that the report was fairly accurate and based on that assumption, it appeared that producers may have fallen out of currency in their shipments. If the kill since 6/1/14 represents an accurate view of the inventory of hogs in producers' barns, then the USDA has over-stated the hog supply.

The drop in the 6-day moving average carcass wt suggests that might be the case rather than producers falling out of currency. Both packer and non-packer hogs fell in weight. The packer hogs that were killed yesterday fell relative to the non-packer hogs. I have been thinking that packers may have suffered greater PED virus losses than the non-packers. The lower percentage of of packer hogs killed yesterday re-enforces that opinion.

Best wishes,

dhm