The CME Lean Hog Index component on the kill for -

2/25/19 was down -0.19 to 52.93. The surge in the JJJs has them trading premium to the component by +3.40. The kill yesterday had a very heavy volume of packer hogs and packer hog continue to be heavier than the non-packer hogs by +3.59#.

The six-day moving average carcass weight eased to 215.10#. That is only +0.30# year over year. Index hogs were also down at 213.65#. Packer hogs were lighter by -3/4# and non-packer hogs were down -1/2#. Do these lighter carcass weights suggest producers are quite current in their shipments or does it mean that hogs are finishing slower because of the weather? I have guarded optimism that it means producers are quite current in their shipments.

The firmness of the hog futures was really a welcome relief from the strong down-trend we have had.

Best wishes,