6/10/19 was down -0.25 to 79.52. The MMMs settled discount to the component by -0.44. The cutouts were down 0.30 today keeping packers' margins very tight.

The 6-day moving average carcass weight eased to 214.63# and that is +4.67# yr/yr. Index hogs were also a bit lighter at 214.88#. It is worth noting that Index hogs are now heavier than the 6-day moving average carcass weight and packer hogs are only +0.19# heavier than non-packer hogs. Packers have become more current in their shipments and producers of Index hogs have fallen behind. Not a good sign for the bulls, in my opinion.

Best wishes,

Doc