5/13/19 was up +0.08 and the model projects the component on yesterday's kill will change between +0.15 and -0.15. That is not much change.

Packers purchased 93.0% of the daily moving average purchases of total hogs but only 78.7% on the Index hogs. I believe retailers are now filling their cases for the Memorial Day Grilling Trade. Sometimes the Index dips after retailers load up.o

It seems to me that this is really a terrible market for producers to be trying to hedge their production - limit up one day followed by limit down the next. Then the limits expand.

Still long and HODLing. My target for the "Crest" to this Hog Cycle is 130 perhaps being hit summer 2020. In the mean time I will load and unload calendar spreads. Sold a J/K this morning at -2.45. On average over the past eight-years it has gone to cash settlement at -6.83 with a range of +2.45 to -16.17 hit in 2018.

Best wishes,

Doc