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The CME Lean Hog Index component on the kill for -

3/15/19 was up +0.99 to 56.95. The JJJs are trading premium to the component by a mind-boggling 13.17 with 19 more trading days until we go to cash settlement. Over the past seven days the component has gained an average of 0.75 per day. It appears that traders are of the opinion that this strong up-trend has some legs and will continue. If Trump and Xi come to terms, exports may become very strong.

The six-day moving average carcass weight firmed to 214.93#. That is -0.06# yr/yr suggesting that producers are very current i their shipments. My read on the data is that hogs have actually been pulled forward by a couple hundred thousand head. Index hogs were also a bit heavier at 213.11#. Packers continue to ship a higher percentage of the kill than last year and yesterday the packer hogs were +4.40# heavier than the non-packer hogs. That seems to say that packers are plenty bullish.

This morning I piled a handfujl of MMM-20s on my boat at the opening. Maybe I lost my head or maybe I will feather my nest. Who knows? As Blind Hog often said, "You pays yer money and takes yer chances!" This I know - spread trading was extremely active today!!

Best wishes,

dhm

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The CME Lean Hog Index component on the kill for -
Re: The CME Lean Hog Index component on the kill f
'Tis a puzzlement, Dewey. With the Chinese - -
Hogs by Dennis Smith