4/26/16 was UP +0.55 and the model projects that the CME Lean Hog Index component 0on yesterday's kill will jump between +0.25 and +0.55. The spring up-trend seems to be in full force. And traders are expecting it. I say that because they have pumped the price of the MMMs up to the point they are premium to the component by 10.33. In view of the fact that on average over the past 12-years the index has gained 2.14 between now and MMM expiry, a little down draft may develop for the MMMs at some point this spring.

I strong up-surge in demand could turn things the other way, though, and cutouts were up yesterday..

Best wishes,

dhm