5/31/18 was up sharply by +1.09 and the model projects that the component on yesterday's kill will jump between +0.55 and +0.85. Packers were really wanting hogs and producers were willing sellers so packers purchases 114.7% of the moving average on total hogs and 125.7% on the Index hogs.

The MMMs settled premium to the component by 6.98.

Pre-opening says I missed a good opportunity to cover the short MMMs yesterday.

BEst wishes,

dhm