On average over the past seven years the CME Lean Hog Index seasonality high has been posted on July 1st but it has been as early as 5/20/15 and as late as 7/16/14. For a while, "The Market" was projecting the high would come in August this year but that is now being called into question. Some export demand and the seasonality high could be pushed back to August. The average seasonality low comes about the time the ZZZs go to cash settlement.

I don't think the current seasonality high of 84.59 posted on 5/17/19 is going to be the Hog Cycle high. Considering the world pork situation, Summer 2020 or 2021 seems the more likely time for the Hog Cycle to crest.

I hope we are not taking a "Trip to Abilene", Dewey!

Best wishes,

D.H.