4/11/1 was up +0.10 to 79.39. This represents 50% of the cash settlement index. The JJJs are trading discount to the component by 0.09 and the MMMs settled premium to the component by +18.36.. Last year from this date until the MMMs expired the index tacked on 28.21 points but the index was at the 53.00 level compared to the 79.39 on Thursday.

The 6-day moving average car%cass weight firmed to 215.36#. That is +0.16# yr/yr. Index hogs were somewhat lighter at 213.31#. Nearly 42% of Thursday's kill was packer hogs and they were +4.36# heavier than the non-packer hogs. Packers are shipping lots of hogs and they are heavy.

Cutouts added 1.20 Friday. That is enough to put the packers in a bit better mood but they are not yet rolling in the clover. I am continuing to watch the data to see if there is confirmation that these higher bids for the Index has pulled them forward. The data seems to be suggesting that something like 300K head of hogs have been pulled forward. If it turns out that is true and they were index hogs, it could be supportive for the CME Lean Hog Index.

The calendar spreads treated me well last week and I am still HODLing the deferred futures.

Best wishes,'

Doc