5/16/19 was up +0.39 to 84.80. The MMMs settled premium to the component by 7.58. The model calculates that the component will need to gain an average of +0.39 per day from now until the MMMs go to cash settlement to close that "Gap". That is a very tall order but it could happen. The component has gained an average of +0.266 per day for the past six-days.

The six-day moving average carcass weight eased to 215.10#. That is +1.54# yr/yr. Index hogs were a bit lighter at 21.53#. Packer hogs were +3.06# heavier than the non-paclker hogs. The percentage of packer hogs in the kill mix is now quite as high as it was last week. Maybe packers have become more current in their shipments.

Best wishes,

Doc