424/17 was down 0.23 to 60.02. The KKKs are now trading premium to the component by 5.10. I will be one surprised puppy if the packers tack five points onto the Index in the next 14-trading-days. Looking at the draw down in storage stocks, it is obvious that pork is move well but production is quite high and cutouts are not doing that great.

The 6-day moving average carcass weight slipped to 213.81#. That is -0.10# year / year. I guess packers have worked through the mild backlog created by the holiday. Both packer and non-packer hogs were nearly 1/2# lighter. Packers are killing a slightly larger percentage of their own hogs lately. Packer hogs are now +1.98# heavier than the non-packer hogs.

Am now flat the MMMs and my wallet is fatter.

Best wishes,

dhm