The CME Lean Hog Index component on the kill for -

4/10/19 was DOWN -0.12 TO 79.29. That was a surprise to see packers have enough less expensive hogs to actually cause the component to dip a little. The JJJs settled discount to the component by -0.12.

The 6-day moving average carcass weight firmed to 215.90#. That is +0.05# yr/yr. Index hogs were also a bit heavier on the day at 213.19#. Packer hogs are heavier than the non-packer hogs by +4.45#. Packer hogs were heavier by 1/3# today and non-packer hogs were nearly unchanged. 41.34% of the hogs killed on Wednesday were packer hogs. The data continues to show that packers are expanding their production capability and a fairly rapid clip.

The calendar spread traded well for me today. It was the K/Ms that kept me the most busy getting them on and off my boat.

Best wishes,