3/2/2020 was up +0.09 to 56.27. The JJJs are now trading premium to the component by +7.13. $22.36 per index hog.

The chase is still on looking for the next seasonality high as well as the next Hog Cycle High. The last seasonality low was hit on 9/24/19 at 54.67. The last Hog Cycle Low was hit on 9/3/18 at 45.30. "The Market" is now projecting the seasonality high will be hit about the time the NNNs go to cash settlement and it will be in the range of 79.00 to 79.50. The kill rate is still coming in strong but it will begin to decline. When that happens we will have a better idea how high the seasonality high may be.

The six-day moving average carcass weight eased to 215.50#. That is +0.41# yr/yr. Index hogs were a bit heavier at 214.45#. Packer hogs were heavier than the non-packer hogs by +3.54#.

Best wishes,

Doc