3/27/15 was down -0.58 to 59.70. The JJJs are now premium to the component by 0.95. Traders are expecting packers to come-up short of hogs over the next couple of weeks. The data is surely not pointing in that direction. It looks to me like the JJJs may have to cough up a few tics as we go into cash settlement.

At this point, though, I am flat the JJJs. In hind sight I should have been selling at 61.60 but I was too busy selling MMMs. I have a friend who said, "You can't take every bus that comes down the street!"

The six-day moving average carcass weight moved up to 214.71#. That is below the same date last year by -0.53#. The heavy carcass weights, high kill rate and big scheduled numbers suggest that producers are still well supplied with market ready and near-market ready hogs to ship. That seems to be in line with the H&P report.

Best wishes,

dhm