5/2/17 was UP +0.86 to 61.55. The KKKs are trading premium to the component by +6.42 and the MMMMs are premium by 14.07. The model projects that the component will need to jump by +0.86 each day from now to cash settlement to close the "Gap". It is not able to develop a trend line to project a cash settlement price yet.

The 6-day moving average carcass weight eased to 212.44#. That's -1.04# year over year. Packers may be pulling hogs forward with their higher bid prices. Packer hogs are 1.78# heavier than the non-packer hogs. The low kill so far this week is suggesting that the supply of hogs is tightening.

Best wishes,

dhm