6/8/16 was up +$0.59 and the model projects that the component on yesterday's kill will inch up by +0.40 to +0.70. With their firm bids packers made only a fair purchase at 91.5% of the moving average daily purchases.

Cutouts were on fire yesterday gaining 2.40. That will keep the packers appetite for hogs at a fairly high level, I think. Will it be enough to cause them to bid them up enough to close the 3.17 premium traders have put on the MMMs? The model says, "Maybe not."

I sold an MMM pig this morning on the strong opening which I covered and am now back short again.

Best wishes,

dhm