4/24/15 was UP 1.10 TO 60.97. The KKKs settled premium to the component by 7.58. The model calculates that it will take an average daily gain of 0.54 from now until cash settlement to close that "Gap". The component has tacked on 1.075 per day for the past six-days. In my mind it is doubtful that rate of gain will continue.

The six-day moving average carcass weight firmed to #. That is +1.60# yr/yr. Packer hogs were heavier than non-packer hogs by +3.60# and packer hogs were a bit heavier on Tuesday.. Index hogs were a bit lighter at 214.08#. Over the past 200-days packer hogs have made up 32.95% of the kill mix. On Tuesday packer hogs represented 44.98% of the kill. That was such a large number that I went back and checked to make sure I had not made a key-punch error but that is what the numbers showed. Over the last 6-days packer hogs have supplied 35.8% of the kill. Either packers are liquidating market hogs or they have led the expansion parade or maybe they have led the expansion parade and now they are liquidating.

I did a little scalping of the KKKs yesterday and when the day ended I was left with only two short KKKs. They may be gone when the sun goes down today. I had been thinking I might stick with them until cash settlement now I'm not very committed.

Best wishes,

dhm