6/14/19 was down -0.13 to 79.20. The NNNs are trading premium to the component by +3.20. It looks like the cash settlement for the MMMs will be 79.27. Going to cash settlement worked out all right but it was not a huge cash windfall. Anytime a trade does not lose money is a GOOD DAY.

The six-day moving average carcass weight firmed a little to 214.55#. That is +4.68# yr/yr. It was the packers hogs that were a bit heavier. Non-packer hogs were a bit lighter and index hogs were also a bit lighter at 214.04#. Packer hogs are now +0.49# heavier than the non-packer hogs. Friday's kill consisted of slightly higher percentage of packer hogs than we have been seeing for a while. Packer have become quite a bit more current in their shipments but they are still shipping a larger percentage of hogs than they were last year and they have bumped up the carcass weights on hogs. Most likely they like the efficiency of killing heavier hogs.

The hog spreads are running me back and forth to the bank today and the summer 2020 futures have stabilized. It may be a good day and that would be ever so welcome after some of the days I have had lately.

Best wishes,

Doc