5/17/18 was up 0.65 and the model projects that the component on yesterday's kill will move up between +0.50 and +0.80. The MMMs settled premium to the component by +9.03. The model projects that it will take an average daily gain in the component of +0.47 if the "Gap" is to be closed entirely by a surge in the Index.

That may be a tall order since Retailers are now topping off their cases for the Memorial Day holiday. Demand may slump a tiny bit when their cases are filled and that could be reflected in packers being less inclined to keep bidding higher and higher..

Packers purchased 92.5% of the moving average of total hogs and 92.8% of the moving average of daily purchases of index hogs.

Still short the MMMs and getting blistered!!

Best wishes,

dhm