5/5/16 was up +$0.44 and the model projects that the component on yesterday's kill will be up +0.55 to +0.85. That is going to lose some of the 7.72 premium the MMMs are carrying to the component. By the time we get to expiration of the MMMs, I think there is a good chance that the MMMs will end up coughing-up some of the premium.

Packers did not get a good purchase yesterday with their firmer bids - only 85.0% of the moving average daily purchases.

Best wishes,

dhm