3/3/16 was down -0.21 to 66.79. The strength in the JJJs has opened the "Gap" to 4.26 with the JJJs premium to the component.

I don't know. Maybe the traders are getting ahead of them selves in pumping the JJJs up so much. So I sold a JJJ future at 71.30.

The six-day moving average carcass weight was unchanged at 213.23#. That is -1.55# year/year. Packer hogs are now 1.14# heavier than the non-packer hogs. Index hogs are lighter still at 212.49#. It continues to appear that the producers of Index hogs are very current in their shipments. But are they current to the point that they have liquidated some of their inventory of near market ready hogs?

The answer to that question is what I am trying to figure out and I am beginning to think, "Probably."

Best wishes,

dhm