6/10/16 was up 0.25 to 80.89 putting the "Gap" at 1.16 with the MMMs premium to the component. With two more days of data to come in, the component will need to jump 0.72 (if my calculation is correct) to close the "Gap". We often see jumps of that magnitude but will we today and tomorrow. The 4-day moving average jump is 0.552. And I wonder, will packers bid a lot higher the next two days?

The six-day moving average carcass weight eased to 213.12#. That is -0.64# yr/yr. Index hogs were a bit lighter at 212.63#. Packer hogs dropped more than non-packer hogs. it appears that packers are resorting to killing larger numbers of their hogs to meet their needs.

Best wishes,

dhm