6/1/16 was up $0.05 and the model projects that the component on yesterday's kill will change in the range of -0.05 t0 +0.25. Packers still have a fair sized inventory of hogs purchased at lower prices that may keep the component a little weak.

The MMMs settled premium to the component by 4.39. That is quite a "Gap" with only 9-days until expiration. Historically the index has gained more than that on several occasions. This is going to be interesting.

Best wishes,

dhm