6/27/17 was, as expected, up +0.21 to 91.61. Packers seem to be slowing the rate at which they are bidding hogs higher. Perhaps we are about to see their bids weaken a little. "The Market" is expecting packers to drop the index by 4.03 between now and when the NNNs go to cash settlement. Looking at the way the cutouts keep climbing, I'm not sure that will happen. By now I would expect retailers to have their cases full for the holiday demand surge - yet cut outs continue to climb.

The 6-day moving average carcass weight eased a little to 207.21#. That is -1.88# yr/yr. This suggests to me that producers are quite current in their shipments. Index hogs were also a bit lighter at 207.39#. Packer hogs are still -1.50# lighter than non-packer hogs. Packers had a high percentage of their hogs in the kill yesterday. I think they have pulled their hogs forward by quite a bit.

I think ITZ may have thrown back a couple of suckers. At least I have made a few scalping trades and usually they are suckers that ITZ tosses back.

I still expect the H&P report to show that the market hogs at 3/1/17 was smaller than shown on their last report.

Best wishes,

dh