6/2/16 was up +0.41 to 77.00. That has opened the "Gap" to 5.02 with the MMMs premium to the component. That really seems like a lot of premium but packers are pushing the product out the door at a brisk clip so I suppose traders know what they are doing in pushing the "Gap" so wide. The NNNs are carrying an even greater premium at 9.00.

The six-day moving average carcass weight moved up to 213.14#. Compared to last year on this date, that is -0.79#. Index hogs are lighter at 211.70#. Packers are continuing to bring their hogs to market at +1.98# compared to non-packer hogs.

The market caught me leaning the wrong way with some long M/N spreads. I had to fix that today.

Best wishes,

dhm