3/15/16 was down -0.01 to 66.78. The jump in the JJJs has opened the ""Gap" to 4.54 with the JJJs being premium to the index. How wrong I was this morning when I mentioned the possibility of a near down move to get the Index partially closed. That does not change the possibility that we have a fair sized "Gap"and only 21-days until we get to cash settlement. There remains, then, the potential for a limit move if emotional/technical factors begin a downward movement. But I won't bet the farm on a limit move down.

The six-day moving average carcass weight was up to 213.34#. That is -1.04# yr/yr. Index hogs moved in the opposite direction easing to 212.95#. The noon reports seem to be pointing to a lower Purchase Index for today.

I was able to get quite a few long J/K spreads off my boat and a little money to the bank. I have added a couple of short V/Z spreads. They may turn out to be a mistake.

I like the new trading hours.

Best wishes,

dhm