5/21/19 was up +0.12 to 84.45 and that was very much in line with what the model projected. The MMMs are now trading premium to the component by +5.75. The index does not seem to be on a strong enough up trend to close that "Gap" so when the MMMs rallied this morning, I sold three more that I will probably use as scalpers. .

The six-day moving average carcass weight eased to 214.54#. That is +1.47# yr/yr. Index hogs also eased a little to 213.62#. Producers of index seem to be staying a bit more current in their shipments than the rest of the producers. Packers continue to ship heavier hogs and today they were heavier by +2.28#. That is down quite a bit suggesting that packers are getting more current.

The futures market is pointing to mid-August as the high for this seasonality high. On average over the past seven years the seasonality high will be hit about July 1st just in front of the Independence Day holiday. In the past seven years the latest for the seasonality high was 7/16/2014 and the earliest was 5/20/2015.

Ka!! Ching!! Just scalped out of one of the MMMs I sold on the rally this morning.

Best wishes,

Doc