3/16/16 was down -$0.34 and the model projects that the CME Lean Hog Index component on yesterday's kill will change in the range of +0.05 to -0.25. That does not represent much up trend, especially when the "Gap" of 4.54 is taken into consideration with the JJJs now becoming quite short term.

Yesterday packers only purchased 88.6% of the moving average daily purchases with their lower bids. The firm cutouts may give packers a little incentive kill a few more hogs.

I am continuing to watch for a strong downward movement of the JJJs to get the "Gap" closed a bit. But it may not come if the kill rate weakens.

Best wishes,

dhm