shows that packers have 3.77% more hogs scheduled than they had on this date last year. From the H&P Report, it would appear that they should have about 6.0% more hogs scheduled. For the past three weeks the kill this year has been 6.4% higher than the same period last year. That is very close to the kill rate projected from the last H&P report. Even though the scheduled number is a bit weak, the kill is coming in just about as projected.

Perhaps this data would suggest that we might see the oft seen weakness in the Index as we move toward the expiration of the MMMs. At this point I don't have a bullish or bearish attitude toward the MMMs. So I am flat. I did try scalping them this morning but was quickly stopped out.

Ka! Ching!! Just off-loaded a Q/V spread at my profit target. I have enough left in my boat to sell more and a few empty holds to add more if the price backs-off again. I might learn to like the Q/V spread as much or more than the K/M. At least Q/V is a lot more liquid than the K/M and seems to have better volatility.

Best wishes,

dhm