4/17/19 was, once again, uo; this time by +0.20 and the model projects the component on today's kill will be up between +0.10 and +0.40. The KKKs settled premium to the component by +8.51 and the MMMs were premium 15.71. Last year from this date until the MMMs went to cash settlement the index tacked on 25.47 and the year before it jumped 21.34. The index gained and average of 9.70 for the past twelve years. This is the time of the year when there is a strong tendency for the index to climb. Cuhtouts climbed +0.47 so packers have a little more cash to work with.

With their higher bids packers purchased 87.2% of the moving average of daily purchase of total hogs and 91.7% on the index hogs. Spread trading was not as active for me today but most of the deferred contracts posted some gains so my margin probably ended up all right.

Best wishes,

Doc