short June cattle/hog spread on when there was a rally then flipped it when they sold off for a 1.3 deposit. Still riding some short spreads looking for them to dip near 30.

The component on the CME Lean Hog Index on yesterday's kill got thrashed by -1.08 dropping to 74.06. The kill this week is down -4.58% from the same week last year. It is possible the reduced kill is beginning to be felt by the consumer. I say that because the cutouts were up 10.82 today. The Hog Pricing Model calculates that packers had an attractive margin of $46.26 per index hog on yesterday's kill. There is a good chance that packers will want to speed up their chains with margins like that. It wouldn't surprise me to see packers sweeten their bids a little.

Best wishes,

dhm