6/6/16 was up +0.83 to 78.68. That closes the "Gap" to 3.57 with the MMMs being premium over the component.

The six-day moving average carcass weight eased to 213.73# with both packer and non-packer hogs being lighter but packer hogs were especially lighter. Index hogs were a bit heavier but they bring in the lighter hogs at 212.98#. Packer hogs are only 1.27# heavier than non-packer hogs. In Mid-April they were close to 4# heavier. I thought then and it is still possible that packers were finishing to heavier weights because they were a little short on numbers.

Spreads have been trading well for me today - - - especially the N/Q. I had a few long M/N spreads that took me to spread trading school.

The MMMs didn't hold their pre-opening firm bid so I didn't get short.

Best wishes,

dhm