2/27/15 was UP 1.04 and the model projects that the CME Lean Hog Index component on Friday's kill will be up between +0.75 to +1.05. Packers were wanting hogs yesterday and they were willing to pay to get them.

Producers were NOT reluctant sellers. They responded by selling 116.9% of the moving average sales.

So far traders are not agreeing with my idea that the J/M spread is a good trade. Sometimes you win, sometimes you lose and sometime you get rained out. It looks like most of my spreads are losers today as well as the short MMMs.

Best wishes,

dhm