6/4/18 was up +0.60 and the model projects that the component on yesterday's kill will move up between +0.50 and +0.80. This is that time of the year when the supply of market ready hogs decline and prices rally and that is exactly what we are seeing. The problem is that the perennial bulls built so much "Gap" into the market that a twenty-mule team could be driven through it.

I'm still short the MMMs and have picked up a couple of long Q/V spreads this morning. I like trading the Q/V and for now I prefer the long side.

Best wishes,

dhm