5/5/16 was up 0.45 to 74.55. The "Pop" and the weakness in the MMMs has closed the"Gap" to 6.77. Historically there tends to not as much strength to the Index after packers meet their kill needs for the Memorial Day holiday trade. The market dynamics has me thinking that may happen again this year because:

- Carcass weights are holding up well. This morning the six-day moving average carcass weight was 214.27#. That is 0.88# year over year. Index hogs are lighter at 212.74#

- The kill continues to come in firm. So far this week it is +2.32% year over year. The H&P report had me thinking something like +1.21%

- Cutouts are doing all right but not enough strength to send packers beating the bushes to find more hogs.

My conviction that the Index is going to drag the MMMs down some is not strong enough to send me short the MMM -

But -

Ka!! Ching!! Just stopped by the bank to deposit profits from five short N/Q spreads that I left my boat going to the low bidders this morning.

I just started to say, I may be left with a bunch of short MMMs next week when the long KKKs expire out of the boat load of long K/M spreads I have accumulated. Things might get to be mighty interesting this time next week.

Best wishes,

dhm