3/17/16 was down -0.36 to 66.43. That puts the JJJs premium to the component by 4.47. On average the Index does not gain that much between now and when the JJJs go to cash settlement but sometime they gain more than that. This is that time of the year when we are going from a high-kill to a low-kill environment and projecting the price can be tricky.

The 6-day movijng average carcass weight is 213.61#. That is up a little and-0.81# year/year. Packer hogs are heavier and Index hogs are a little lighter.

Scalping has been slow for me this morning but have flipped a couple and bought two Q/V spreads at 11.30. That is quite a spread but not beyond what is often seen.

Best wishes,

dhm