6/1/18 was up +0.68 and the model projects that the component on Friday's kill will jump between +0.40 and +0.70. That is not enough to close the "Gap".

Packers were really buying hogs on the weekend. The purchased 154.1% of the total moving average purchases and 159.2% on the INdex hogs. Producers were also willing sellers.

The Index is not on a trajectory to close the "Gap" so I suspect the MMMs may have to give up a little.

Best wishes,

dhm