over the same week last year. Packers have 14.54% more hogs scheduled than they had on this date last year. From the noon reports the model projects that the component on today's kill will drop another -0.40 to -0.70.
These numbers are somewhat greater than the +3.4% shown in the last H&P Report. I suppose it is possible that this expansion phase of the hog cycle is picking up steam at a rate somewhat greater than projected by the USDA.
I'm still mostly spread but I have piled a few short MMMs, NNNs and ZZZs on top of the spreads. It seems to be working well for me today. Monday may be a different story.
Best wishes,
dhm