Good morning DH and Thanks for your continued stats for us,

Following are some of Dennis's thoughts on hogs

Cash is called steady with some weaker tones possible according to my sources. Packers are well supplied with little concern about having enough inventory on hand. This needs to change for any urgency to develop in the cash bids.

Unsettled is the best description of the product. Going into Easter hams are in good shape from both a domestic and export front. There’s talk this morning that butts are also in good shape but that’s it. All other pork cuts, bellies, ribs and loins are expected to trade in range. The value of the carcass continues to trade just below $65.00. A clear move above $83.00 is my signal that demand is outstripping supply. When the shift occurs this will happen quickly but we’re obviously not there yet.

June hogs, trading near 7700 are grossly undervalued in my opinion. This contract has not gone off the board at this level in any of the last ten years.