5/3/17 was WAY UP at 62.91. That's a jump of 1.36!! Much more than the model projected. The KKKs are trading premium to the component by +6.34. It takes and average daily gain of +0.98 for the index to close that "Gap". From the noon reports the model is projecting that the component on today's kill will jump another 0.70 to 1.00. The INdex is now on an UP-TREND, that's for sure. The component needs to gain +0.98 per day to close that "Gap".

Can we get?

You bet!!

Will we get it?

Dunno!

The MMMs are premium to component by 13.29. it will take a couple of "ITZ" moves to close that "Gap". I am starting to wonder, "Where have all the piggies gone?" that THE U.S.D.A. promised us?

The six-day moving average carcass weight eased to 212.68#. That is -1.24# yr/yr. It appears that produders are quite current in their shipments. Index hogs are lighter at 212.37# so they may be even more current. Packer hogs are +1.67# heavier than non-packer hogs. Packers were killing quite high numbers of their hogs but they may be preferring to bid higher for non-packer hogs and letting their hogs get a bit heavier.

The size of the "Gap" has had me spooked so I have been mostly sidelined for this bull run. Fortunately the calendar spreads have been working and that has kept the wolves away from the door this month.

Best wishes,

dhm