feeder pigs by themselves may not mean much but in context of the total data picture, it may be significant or at least adds another piece to the fundamental mosaic that I struggle with every day.

Since 6-1-15 the kill is down 170K from the projected kill from the H&P report. Not a huge number but if feeder pigs are a bit stronger, then it may be suggesting that there are fewer hogs in the pipeline than the USDA reported. Carcass weights are down a little but they usually are this time of the year. At least that suggests that producers are quite current in their shipments.

From the afternoon reports the model projects that the final Purchase Index for today will be up +$0.35 and the component on today's kill will be up between +0.30 and +0.60. Packers don't bid higher unless they have to. Maybe the supply of hogs is not quite as abundant as we previously thought it might be. That may not mean much for the VVVs and ZZZs but it really might for the NNNs and possibly QQQs.

You have a great weekend, too, Dewey. Considering the boat load of NNNs that I have, I'm pretty calm about the trade.

Best wishes,

dhm