5/12/15 was up 0.83 to 80.58. The KKK to component "Gap" is now cut to 1.32 with two-days of data to get us to cash settlement.

The model projects that the cash settlement index for the KKKs will be 81.61 with a range of 81.11 to 82.11. The model has quite effectively kept me on right side of the KKKs and the K/M spreads.

Ka! Ching!! Ka! Ching!! Two more of the K/M spread have now been ferried safely across the pond and cleared-off the deck of my boat. Still have more to get cleared of the deck but may have to wait for tomorrow since the MMMs are now in rally mode. I don't want to have too many left that go to cash settlement and leave me with a bunch of short MMMs. These K/M spreads have been kind to me but they really gave me some anxious moments along the way.

The six-day moving average carcass weight firmed to 213.12#. That is -3.17# below the same date last year. The number of hogs don't seem to be quite as plentiful as the USDA reported on the last H&P report.

I have been able to pull-off a couple of scalping trades in the MMMs. Nothing great. Just a little change to jingle in my pockets.

Best wishes,

dhm