12/14/18 was up +0.15 and the model projects the component on Friday's kill will change between +0.20 and -0.10. That amounts to not much change. Thursday's component came in at 55.13 and that is 50% of the cash settlement index for the ZZZs. It looks like taking ZZZs to cash settlement is going to be a "Ho!! Hum!!" event. The GGGs settled premium to the component by 9.37. Traders are expecting pork demand to come alive over the next couple of months and it will most likely happen if the ASF continues to impact world pork production.

ackers rounded-up plenty of hogs on Friday/Saturday at % of the daily moving average purchases of total hogs and% on total hogs and they were able to get the hogs with a steady bid. I suppose this means that producers are rather willing sellers. Carcass weights are running -0.56# year over year and this makes me think that producers are quite current in their shipments. Packers are continuing to finish their hogs quite a bit heavier than the non-packers.

Still long the summer futures and will take profits on some if they bounce and buy more if they dip. I did take profits on a long M/N spread this morning and have quite a few more on my boat that are waiting for someone to want them more than I -

Or -

I will buy again if they dip.

Best wishes,

Doc