3/28/16 was down -0.11 to 65.00. That puts the "Gap" at 5.00 with the JJJs being premium over the Index component. On average over the past six years from this date until the JJJs expire the index has lost -2.48. But that only tells a part of the story. In 2014 hogs went on a powerful bull run and added 4.93 to the index.

This market is going to test our trading skills!

The six-day moving average carcass weight eased to 213.82#. That is -0.57# year/year. Packers hogs are running +2.31# heavier than non-packer hogs. Index hogs continue to be lighter at 212.56#.

I'm trying to pull-off a few scalping trades from the short side. My success the past few days has not been very good. Fortunately the spread trades have carried the day for my accounts.

Best wishes,

dhm