4/17/19 was up +0.51 and the model projects the component on yesterday's kill will be up between +0.25 and +0.55. The MMMs settled premium to the component by +15.91. Lasat year from this date until the MMMs went to cash settlement the index gained 24.64.

With their higher bids packers purchased 94.8% of the moving average daily purchases of total hogs and 94.8% on the index hogs. The carcass weight of index hogs continues to trail the 6-day moving average carcass weight. If hogs have been pulled forward a little as the data may be suggesting, it may well be the index hogs are the ones that have been pulled forward.

The long M/N spreads did not do well yesterday and I am long too many. Fortunately the long deferred futures performed quite well.

Best wishes,

Doc