6/29/18 was down -0.81 to 82.57. The NNNs are now trading premium to the component by +0.38. That is a bit of a surprise that traders are that bullish on the NNNs.

The six-day moving average carcass weight eased tpo 208.09#. That is +0.86# yr/yr. Packer hogs are heavier than non-packer hogs by +0.12#. Packers have done a very good job of getting current in their shipments. Over the past 200-days packer hogs have made up 33.19% of the kill but for the past 6-days they have been 34.19%

Today there was some delayed reaction to the last H&P report.

Best wishes,

dhm