6/28/19 was down -0.63 to 83.38. The NNNs are now trading discount to the component by a mere -1.10. Packers can close that in a day.

The six -day moving average carcass weight eased to 208.41. That is +1.18# yr/yr.. Packer hogs are only +0.94# heavier than the non-packer hogs. Packers have really been shipping their hogs this month and are a more current now. On yesterday's kill, packer hogs were lighter by 1/5# and non-packer hogs were lighter by -1/2#. Hogs are finishing more slowly now and lighter hogs are being pulled in.

Over the past 200-days packer hogs have comprised 33.18% of the kill and for the last six-days it has been 33.94#. It appears that packers saved their hogs until prices were higher and now they have been bringing their hogs to the plants.

The H&P report was bearish the deferreds and bullish the NNNs. I should have saved more of the long Q/Vs that I took to the bank!!

Best wishes,

dhm