5/31/19 was down -0.61 to 81.05. The MMMs settled premium to the component by +0.53. Primal cuts tacked on +2.23 being strongly supported by bellies that gained nearly 9-points. Packers really needed that jump.

The 6-day moving average carcass weight moved up to 216.01#. That is +3.59# yr/yr. Index hogs were lighter at 214.90#. Packer hogs were heavier than the non-packer hogs by +1.95#.

As near as I can tell, the sell-off in the deferred contracts today was due to technical/emotional factors and not driven by anything fundamental. At one point the QQQ-20s were limit down and the sows that will farrow hogs to be slaughtered then have not been bred yet.

Best wishes,

Doc