6/15/16 was up 0.51 to82.44 putting the NNNs premium to component by 4.41. A lot of "Gap" can be closed before the NNNs expire with gains like that.

The six-day moving average carcass weight eased to 212.25#. That is -0.43# YR/Yr. Index hogs were lighter and they came in lighter at 209.54#. This may be an indication that the supply of index hogs is getting tight setting up the possibility that packers will be bidding higher for a smaller number of Index hogs. The drop in the weight of packer hogs suggests that they have been going to their barns for hogs and a fairly rapid clip.

Spreads are calm today.

Best wishes,

dhm