2/22/16 was up +$0.04 and the model projects that the change in the component will fall between -0.05 to +0.25. Packers made a adequate purchase of hogs yesterday at 97.2% of the moving average purchases.

I continue to feel that the JJJs will be pushed up by the index by the time we get to cash settlement but technical/emotional/fundamental factors may cause the JJJs to dip before we get to cash settlement. I will see if I can scalp a bit as we make our way to cash settlement.

Best wishes,

dhm