4/19/19 was up +0.69 to 81.88. The MMMs are now trading premium to the component by +13.02. This is the time of the year when the supply of hogs tends to go down and the price has a tendency to rise until sometime around Independence Day or L
hog mar abor Day. But it doesn't always work that way. It seems to me that the sell-off today may be more technically/emotionally driven than fundamentally driven so I have pile a June., a July and an August future on my boat. Maybe I am right and maybe I am wrong.

The six-day moving average carcass weight firmed to 215.88#. That is +0.30# yr/yr. It was the packer hogs that were heavier being up about 1/3#. Packer hogs are now heavier than the non-packer hogs by +4.75#. Non-packer hogs were mildly lighter and index hogs were a bit heavier at 214.15#. It continues to appear that hogs are moving to market about as fast as they finish and the higher packer bids may have pulled a few hogs forward mildly and, if that is the case, it is more probable that it is Index hogs that have been pulled forward.. If it turns out that some index hogs have been pulled forward, I think that may be mildly bullish for the hog market.

There is nothing happening in the hog market today that is bullish with the NNNs trying to decide if they want to go limit down or not. If they do, I will buy more.

Best wishes,

Doc .