5/31/16 was down-0.72 to 76.76. With the MMMs being firm, the "Gap" has opened to 4.16 with the MMMs being premium. There just might be that the MMMs are going to have to back-track a little. I have been in and out of the MMMs several times today from the short side and now I am short again.

The six-day moving average carcass weight was down this morning to 212.65# with both packer and non-packer hogs being a bit lighter. Index hogs were up a bit at 211.23# but still lighter than other hogs. Demand seems to be holding quite well if we can trust the cutout numbers.

Best wishes,

dhm