6/1/15 was up +0.39 to 82.39. The MMMs are now premium to the component by 2.14. I'm wanting to do a little work on the model to see if it will project a cash settlement price but am not feeling very well this morning. My gut is telling me that the premium is a bit wide and the MMMs are at risk of giving up a point or so by the time we get to cash settlement. I was able to bank a little money on the two short MMMs I rode with overnight.

The six-day moving average carcass weight was steady-to-firm at 213.55#. That is -2.92# year/year. This is not suggesting to me that producers are getting tight on hogs but still have ample numbers coming on.

Trading the Q/V spreads are working out almost as well as the K/Ms. The if the Z/Gs work, I will have Christmas three times a year.

Best wishes,

dhm