5/11/16 was up +0.53 to 76.31. That puts the MMMs premium to the component by 6.89 and the KKKs are premium by +0.69. With two more days of data to come in, that may be just about right on the KKKs. If the cutouts weaken a bit after the Memorial Day trade surge passes, it may turn out to be to much of a "Gap" for the MMMs. The unknown from my standpoint is the export demand..

The six-day moving average carcass weight eased to 213.78#. Packer hogs declined more than non=packers. Packers hogs are heavier than the non-packers by only 2.70# now. Index hogs are lightest at 211.89# and they were also a little lighter today. Perhaps producers' inventory of market hogs is being liquidated a little to meet packers' current appetite for hogs.

Best wishes,

dhm