5/10/19 was up +0.32 to 83.21. The MMMs are trading premium to the component by +4.64.

The 6-day moving average carcass weight was unchanged at 215.24#. That is +1.05# yr/yr. Index hogs were steady at 214.15#. Packer hogs were heavier than non-packer hogs by 2.83#. Packers have been killing large numbers of their hogs and it now appears that they may be getting more current in their shipments.

Generally I make a projection about the cash settlement for the expiring future and then go to cash settlement with some. I have not felt comfortable doing that with the KKKs so this will be the first time for quite a while that I have been flat the expiring contract for cash settlement.

Best wishes,

Doc