5/15/18 jumped +1.09 and the model projects that the component on yesterday's kill will soar between 0.60 and 0.90. Packers purchased 98.7% of the moving average daily purchases of total hogs and 102.0% on the index hogs.

My goal was to see the MMMs dip a couple of points as we move to cash settlement. Yesterday the market gave me those two points and I only banked half as many as I should have. Let there be no doubt about it, the index is going up. The question is, "Will it jump the 9.71 needed to close the Gap from where the MMMs are trading now?"

Generally we don't see the Index move up that much from now to cash settlement but in 2012 it moved more than that.

Stayed tuned because this is an exciting time for hogs.

Best wishes,

dhm