3/25/16 was down -0.36 to 64.88. That is very much in line with the model's projection. With the JJJs exhibiting some strength, the "Gap" has opened to 5.44 with the JJJs being premium to the index component. That appears to be excessive to me but I don't get to decide. I just try to follow the market.

The six-day moving average carcass weight firmed to 214.08#. That is -0.64# year/year. Packer hogs are now heavier than non-packer hogs by 2.46#. The percentage of Packers hogs killed friday was very high at 37.6%. It is usually a bit less than 1/3.

Spread trading has been quite active today. I have been in and out of the bank several times making deposits. I even got to make a deposit on a short JJJ pig. Dewey had a chance to make deposits on quite a few long MMMs and NNNs when the "Big Sharks" were gunning stops this morning. It came so fast and furiously that I didn't wake up enough to short that spike.

But I am short the JJJs and may have to abort those positions and wait for another day for the big dipper.

Best wishes,

dhm