3/28/16 was up +$0.14 and the model projects that the component on the 3/28/16 kill will be somewhere between +0.10 and -0.20. That is not much change. With the JJJs trading premium to the component by +5.14 it is going to take significantly higher bids by the packers to close that "Gap" and so far it is just not happening.

I don't know why, but the kill yesterday was really in the pits at a mere 292K. At the same time packers were able to get a little more for the product. That is what it will take to close a five plus point "Gap" in 13 more trading days.

Often when we have a significant "Gap" this close to expiration there will be a major push to partially close the ""Gap" and the futures and the index then for forward in lock-step.

This I know, when technical/emotional forces begin to happen in the hog market, sparks fly.

Ka!! Ching!! Just made a quick detour to the bank to make a depost on a couple of Q/V spreads that I was able to get off my boat. There are still quite a few more there is someone wants them - - - at my price.

Best wishes,

dhm