4/19/17 was down 0.48 to 61.35 putting the KKKs premium to the component by +2.93 and the MMMs are premium by 7.90. Traders are doing a "Gap" closing waltz with both the MMMs and the KKKs but especially the KKKs and that is playing havoc with my long K/M spreads.

The 6-day moving average carcass weight moved up to 213.70#. That is only -0.18# yr/yr. Perhaps producers got a little behind on their shipments over the low-kill holiday weekend. I believe the hogs are still there and packers may cut their bids further to move the pork. Packers are also getting behind in shipping their hogs. Their hogs are now +2.20# heavier than the non-packer hogs. Index hogs were steady at 214.03#. Producers of index hogs are falling behind in their shipments. NOT A GOOD SIGN!

I sold some MMM on the early morning bounce but not enough and I took profits much too soon. This is not going to be a good day! It looks like the bond market is being a help, though.

Best wishes,

dhm