long JJJs and MMMs will work out to be good trades. I don't know why the kill dropped so much yesterday. If it was a plant down, it doesn't mean much.

If it was a shortage of hogs, it was a game changer.

I don't see in the data yet that hogs are in short supply so I am expecting this week's kill to be in the 2225K to 2245K range. With Friday being a holiday, the kill could be somewhat below that and not mean much.

I'm also long the JJJs but spread with NNNs on the MMMs.

Best wishes,

dhm