4/18/19 kill was up +0.35 to 81.19. The MMMs last settled premium to the component by 15.56. That is quite a "Gap" but my guess is that packers will close the "Gap" with higher bids and will actually bid high enough to push the MMMs a bit higher. Cutouts dipped by -0.61 on Friday. I believe packers margins are sufficient to keep the lights.

The kill last week was -1.69% below the same week one year ago. This is consistent with the data having been suggesting that hogs have been pulled forward a bit. Packers were really throwing money at the negotiated hogs on Friday. Maybe they are the ones that have been pulled forward and perhaps they are now in short supply.

The 6-day moving average carcass weight was steady at 215.57#. That is +0.19# yr/yr. Index hogs were lighter at 214.16#. Packers are continuing to ship their hogs heavier and the are shipping more than 38% of the kill still.

Best wishes,

Doc