5/25/16 was down -$0.59 and the model projects that the component on yesterday's kill will change in the range of -0.15 to +0.15. Not much change. The data has me thinking that we may now be in a mild down trend so I am short the MMMs.

But-

The strong cut outs yesterday are causing me a bit of a wonderment????

The fact that the MMMs are trading premium to the component by 1.44 is giving me a little comfort. The MMMs are getting to be very short-term now.

Packers purchased 91.3% of the moving average daily purchases yesterday.

Best wishes,

dhm