5/6/19 was down -0.15 to 82.55. The MMMs are now trading premium to the component by +5.10. Hogs gave me a mighty wild ride this morning. I just pulled my Stetson down over my ears and hung on for a merry ride. I had intended to buy some QQQ-20s if they dipped but when the time came to pull the trigger I chickened-out. I have plenty on my boat already and I was a bit busy loading and unloading some calendar spread trades.

The 6-day moving average carcass weight dipped to 215.02#. That is +0.93# yr/yr. Packer hogs are only +3.01# heavier than the non-packer hogs. The 6-day moving average packer carcass weights dipped by -0.82#. That is a fair sized drop on a moving average basis. Packers seem to be getting more current in their shipments.

It seems to me that the volatility in the Hog Market is about the highest I remember seeing.

Best sishes,

Doc