3/11/16 was down -$0.18 and the model projects that the CME Lean Hog Index will change something like +0.05 to -0.25.

Even though though packers were bidding mildly lower, they made a solid purchase of hogs at 109.5% of the moving average daily purchases.

We are still laboring over the uncertainty about the supply of market ready hogs. The last H&P reports suggest a decline and last week the kill was 0.43 below the same week last year.

The premium of 5.13 that the JJJs are carrying to the index looks mighty wide. This might be the time when the JJJs will drop limit to bring them more into alignment ith the index. And I will be caugjht long the JJJs.

Best wishes,

dhm