5/18/16 was up +$0.23 and the model projects that the component on yesterday's kill will be up between +0.25 and +0.55. Clearly the up-trend is intact. Packers made only a fair purchase yesterday with their firmer bids: 87.3% of the moving average daily purchases. The follows 85% on Tuesday. These smaller purchases are not yet suggesting that producers are running short on hogs because carcass weights are holding up.

Yesterday I was able to pile quite a few spread trades onto my boat - not enough to risk swamping it but enough to get the inventory up to the point that I have something to market is the price is right.

Early in the day it appears that ITZ and I swapped a little money with me replenishing my bank account a little, then later in the day ITZ picked the pocket of some other poor sucker who happened to be left standing when the music stopped and ITZ GRABBED his seat.

OOOPPSSssssss!! Gotta run to the bank. Just banked one of those short V/Z spreads.

Best wishes,

dhm