Index is going to tack-on more than 27 by the time we get to the seasonality high sometime in July. "The Market" has already priced in a pop of more than seven between now and when the GGGs go to cash settlement. If the GGGs move up another five that means the Index will have to gain 12 to close the "Gap". The most the Index has gained from this date until cash settlement in the last six-year was 9.12 in 2016.

But -

"In the hog market you can always expect the unexpected!." Long Bear may he rest in peace.

Best wishes,

Doc