6/16/16 was UP +0.40 and the model projects that the component on yesterday's kill will be up between +0.35 and +0.70. Packers are continuing to bid hogs higher. The did NOT make a stellar purchase yesterday with their higher bids. They only rounded-up 82.8% of their moving average daily purchases. Between hot weather and hogs being pulled forward, we are seeing the six-day moving average carcass weights gradually decline 212.25# after hitting a high of 214.95# on 4/15/16.

I see that MMMs did go to cash settlement right where the model projected they would . That model is a handy trading tool close to expiration but it has limited value very far in advance of cash settlement.

Best wishes,

dhm