The CME Lean Hog Index component on the kill for -

3/11/19 was UP 0.62 to 52.76. The JJJs settled premium to the component by 10.84. The uncertainty in the hog market made for interesting activity in the calendar spreads today with several being loaded and unloaded from my boat today. On-and-off the same day does not happen often.

The 6-day moving average carcass weight took quite a downward hit today dropping to 214.74#. That is only +0.07# yr/yr. Index hogs were also lighter at 213.12#. Packer hogs were heavier than non-packer hogs by +4.58#. Packers hogs were a rather high percentage of the kill on Monday. Since packers had sweetened their bids quite a bit, I can come to no conclusion other than the supply of hogs is tightening.

Still HODLing deferred contracts although I did move some off the boat and added other.

Best wishes,