5/22/15 was down -$1.24 and the model projects that the CME Lean Hog Index component for the 5/22/15 kill will be in the range of unchanged to down -0.30. It appears that the post holiday slump in the index is now underway. Traders bid the MMMs up to settle premium to the component by 0.74 on Friday. They seem to be coming to their senses today and are taking the MMMs back down.

Piled two more long Q/V spreads onto my boat this morning. Can now grab some profits if the pop a little.

Best wishes,

dhm