5/10/16 was up +$0.18 and the model projects that the component on yesterday's kill will move up between +0.25 and +0.55. With the KKKs being premium to the component by 1.29, there is a good chance that "Gap" will be close by the surging Index. There is some risk that the +5.39 Premium the MMMs is carrying to the component may be more than the Index will tack on and the MMMs will end up backing-off a little.

There are those who are seeing a lot of pork heading to China and that could change the equation a lot.

With their higher bids, packers only purchased 91.4% of the moving average daily purchases.

Two spread orders filled at the opening. I haven't checked yet to see whether I have to re-arrange things on my boat to add the new cargo or whether I will be making a trip to the bank.

Best wishes,

dhm