3/23/16 was down -0.28 to 65.54. The "Gap" has now opened to +3.99 with the JJJs being premium to the component. I continue to view that as being too wide and am staying short the JJJs but may cover for the weekend with the report coming out. I have my boat loaded with a bunch of spreads so I may be a mighty humble turkey come Monday P.M.

The six-day moving average carcass weight was up to 213.56# today. That is -0.77# year / year. Packer hogs were +2.15# heavier and index hogs were lighter at 0213.05#. It appears to me that packers have been holding some of their hogs back and killing non-packer hogs. Yesterday they settled the score a little and killed a larger percentage of packer hogs than usual.

Ka!! Ching!! Just took a long J/K spread to the bank. Would like to take a handful more but it won't happen today.

Best wishes,

dhm

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