Here is a e-mail I received from Dennis this morning-

Here’s a surprise, cash hogs are called fully steady to perhaps higher as packers compete for hogs for next week. Packers, of course, know the landscape better than anyone. Perhaps the glut of hogs is just about to run its course. You’d never know it by data for this week. Slaughter is projected to be up 13% and with weights more than 6 pounds above last year, production will be up 15% or more. Whatever. Futures are trying to show some strength. We’ll believe it when the July contract closes over 8700.

Product is unsettled as one would expect with production soaring in the middle of June. Weekly export data comes out tomorrow, monthly cold storage on Friday and a quarterly hog & pig report will be released on Thursday, June 27th.