how much they are paying for hogs this morning. This may mean they are having to bid higher and don't want producers and traders to know.

On average from this date to JJJs going to cash settlement, the CME Index has gained 0.87 since 1996 (19-years). Maximum gain was +5.93 in 2010. Maximum loss was -6.42 in 2002. The data suggests to me that it will be a stretch for the Index to tack on 3.52 to close the "Gap" between the Index and the JJJs. I know, though, that it is possible for the supply of hogs to dry up and send packers chasing hogs in short order. For now, I sticking with a couple of short JJJs.

Best wishes,

dhm