5/16/16 was UP +$0.61 AND the model projects that the CME Lean Hog Index will jump between+0.40 and +0.70.

With their higher bids packers bought 97.8% of the moving average daily purchases. Not great.

Both the Purchase Index and the Lean Hog Index are now trending upward. And they are doing that in the face of firm carcass weights and higher than projected kill numbers from the last H&P report.

Now that the long K/M calendar spreads are history, the other spread trades are performing well.

Best wishes,

dhm