6/14/18 kill was up 1.60 to 82.26 and that is the other half of the cash settlement index. The model is showing that the cash settlement index will be 81.44. Once again the Hog Pricing Model served as a handy trading tool and had me on the correct side of the MMMs to go to cash settlement. Did any of you other patrons fade me and go to cash settlement long short the MMMs?

I hope not!

The six-day moving average carcass weight was steady at 209.99#. That is +1.03# year/year. Index hogs were a bit firm at 209.48#. Packer hogs were also steady but still +1.74# heavier than the non-packer hogs. Non-packer hogs were about 1/2# lighter.

The 200-day moving average percentage of packer hogs in the kill mix was 33.03% while the six-day moving average was still a very strong 35.45%. There is a slight hint that packers may be getting somewhat more current in their shipments and if this is the case, the competition to see who gets to kill the hogs may intensify. Right now packers are buying hogs to meet the Independence Day holiday. There will likely be a couple more days of a rising component - - - and maybe more.

I'm trying to scalp the NNNs from the long side. So far so good.

Best wishes,

dhm

PS: Ka!! Ching!! Just took profits on two more long Q/V spreads.