5/23/17 was up +$0.02 and the model projects that the component on yesterday's kill will scoot up between +0.15 and +0.45. Packers still have some more expensive hogs purchased that are waiting to come to market and that should keep the index firm. This is counter seasonal. Historically we see a dip in the index following the Memorial Day demand surge. It is probably strong demand that is driving this bull run.

The MMMs are now trading premium to the component by 4.79. That could close a bit when we get the 201 report this morning. I'm still long the MMMs.

Best wishes,

dhm