5/23/16 was up +0.30 and the model projects that the component on yesterday's kill will jump between +0.20 and +0.50. Hogs are still on an up-trend, Folks. Yesterday cutouts edged higher so there may be a little bit more up-movement coming. It had been my feeling that there could be some weakness surface following retailers gearing up for the Memorial Day holiday but it isn't happening,

The "Gap" between the MMMs and the component has now disappeared so the MMMs will be very data dependent going forward. Last week the kill was somewhat lighter than expected. It is too early to tell whether this is a trend going forward or not. At any rate the MMMs are very subdued this morning and the spreads are not moving at all although there was enough movement to get a long Q/V spread of my boat and a little money in the bank.

Now I will put in an order to buy it back.

Best wishes,

dhm