3/21/16 was down -$0.03 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. The Index seems to be on a very mild down-trend.

I just noticed that I forgot to post yesterday's component change. It was down -0.41 to 66.02. That put the JJJs premium to the component by 3.33. I had been expecting the futures to make a significant one-day dip to reduce the "Gap" and we seem to have got it yestereday. If the early morning quotes mean anything, we will have a gap-up on the opening today.

I don't know whether yesterday very low kill means anything or not, but if it does, we may see a bounce if it means producers are short of market ready hogs.

It will be good to get the quarterly H&P report.

Best wishes,

dhm