6/8/17 was up 0.79 to 80.41 cutting the "Gap" to +1.96. The component needs to jump by an average of 0.53 for the next four days to close that "Gap" and it looks like that is just about the trend that is working. I took profits on one MMM this morning and am looking for a dip to get it back.

The six-day moving average carcass weight eased to 210.14# this morning. That is -2.94# yr/yr. Packer hogs are now 1.51# lighter than non-packer hogs. Packers have been emptying their barns to meet their kill needs. Packer hogs were about a half-pound lighter again this morning. Non-packer hogs were steady in weight.

Packers' margins seem to be favorable so they are willing to kill, kill, kill but hog supplies are not as plentiful as projected by the last H&P report - at least that's my read on the situation.

For the last week or so I have really been busy getting calendar spreads on and off my boat. I don't know whether my spreading skill are improving or whether we are just in an active time frame. Either way, I like it.

Best wishes,

dhm