2/18/16 was down -$0.10 and the model projects that the CME Lean Hog Index component on yesterday's kill will change in the range of +0.15 to -0.15.

Packers only purchased 84.9% of the moving average daily purchases. Lower bids has me thinking packers were not wanting a lot of hogs and that fits with the lower cutouts that we saw yesterday.

I missed my signal to get short the JJJs this morning but I did pile two long N/Q spreads onto my boat this morning.

Best wishes,

dhm