3/14/19 was up +1.18 to 55.97. That was a slightly bigger jump than the model was projecting. The JJJs settled premium to the component by +12.88. That is an industrial strength "Gap" with only 20-trading days until we go to cash settlement.

The 6-day moving average carcass weight was steady at 214.86#. That is +0.02# year over year. Index hogs were a little firm at 212.92# while packer hogs were +4.93# heavier than the non-packer hogs. Packers have really expanded their production capability in terms of numbers of hogs and they adding to the pork by finishing to heavier weights. Non-packr hogs were about 1/2# lighter on Friday.

The limit up move almost across the board in the hogs really helped my margin especially since I added a long MMM-20 and a long NNN-20 at the opening. Now to see if we can keep the ASF virus away so the good times will keep rolling as we now search for the "Crest" for this Hog Cycle. Hopefully it will be down the road a couple of years.

Best wishes,

dhm