5/17/17 was up +$0.66 and the model projects that the component on yesterday's kill will be up between +0.60 and +0.90. With their higher bids, packers were able to purchase 97.0% of the moving average number of Index hogs. Carcass weights have been creeping a bit lower so it might be that hogs were pulled forward to meet the holiday demand surge. Based on the continued high demand and declining carcass weights, I have shed my bear skin coat. It may be a little too soon because there is generally some weakness in the index following the holiday demand surge. I added another on on this morning's dip. I may be getting myself into a little trouble if we get a break in the MMMs. If the price breaks a little more, I am going to buy another MMM.

Best wishes,

dhm