2/17/16 was up 0.29 to 66.40. The JJJs are now trading premium to the component by 4.55. Not unreasonable for this time of the year with the index on an up-trend.

The 6-day moving average carcass weight firmed to 214.48# this morning. That is -1.04# yr/yr. Packers hogs are now mildly lighter than non-packer hogs and Index hogs are down at 212.38#. It just looks to me like the producers of index hogs have been aggressive sellers of hogs over the past few weeks and they are now very current in their shipments.

I often will get a directional bias based on the fundamental data and it generally does not work out well for me. I now have a directional bullish bias an the JJJs but is a very mild bias. Now to see if the long JJJs work or whether it turns out to be pay-back time. I did make a round trip trade on a J/K spread this morning. and I also kick a long Q/V spread off my boat at its profit target. If the JJJs don't burn me too badly, today might turn out to be an all right day.

Best wishes,

dhm