the kill is about to increase. The six-day moving average carcass weight is on a decline. Last year at this time it was increasing. So far this week the kill is trailing the projected kill from the H&P report. It appears that packers margins are favorable and compared to beef, pork is budget priced.

For some reason, the afternoon reports are suggesting that packers are cutting their bids a bid. The six-day moving average weight on packer hogs has declined more than the non-packer hogs and packer hogs are making up a slightly smaller percentage of the kill that usual. This does NOT suggest that packers have the hogs in their barns to ship to make up a near-term short-fall in Index hogs.

I got stopped out of my long VVVs and am left with a few spreads.

Best wishes,

dhm