MURICO.com Forum

The CME Lean Hog Index component on the kill for -

6/3/18 was down -0.4. to 80.65. The MMMs settled premium to the component by +0.48. Packers are still providing a significantly larger percentage of the kill mix than they were one year ago suggesting that packers are continuing to vertically integrate.

The 6-day moving average carcass weight eased to 215.88#. That is +4.09# yr/yr. Index hogs continue to be a bit lighter at 215.60#. Carcass weights moved up a bit in response to the no-kill holiday but packers have now caught up from that and carcass weights are dipping a little. Packers are continuing to ship their hogs at mildly heavier weights by 1.94# over non-packer hogs. I was disappointed to see primal cuts dip by -1.26 but I suppose packers were more disappointed than I!

The price of bellies are really jumping around.

I am sill short the MMMs and long most of the 2020 futures. Today I may have ade up most of the ground I lost yesterday.

est wishes,

Doc