6/13/19 wasup +0.03 and the model projects the component on yestereday's kill will change between +0.15 and -0.15 i.e. not much change. The MMMs settled discount to the component by -0.37. There might be enough "Life" in the component to suck the MMMs up a bit so I am long a couple of MMMs to go to cash settlement. If they dip, I may buy again.

Packers purchased 90.7% of the daily moving average of purchases of total hogs and 100.7% on the index hogs. There does seem to be a mild pre-holiday bounce going on but it is MILD.

Traders are thinking the seasonality "High" is now in and we are now searching for the next seasonality "Low". But are they right??? Just don't know - it depends on export demand because the supply of pork is greater than domestic demand.

Best wishes,

Doc