5/20/18 was down -0.07 to 84.33. The MMMs are trading premium to the component by +6.14. The index does not seem to be on a trajectory to close that "Gap" so I am short MMMs. It could be that I am short but not smart. Will sell again on a rally.

The 6-day moving average carcass weight eased to 214.70#. That is +1.53# yr/yr. Index hogs were a little heavier at 214.33#. Packer hogs are +2.53# heavier than the non-packer hogs. Packers are still shipping high percentageof the kill mix.

Best wishes,

Doc