3/31/16 kill was up 0.13 to 65.78 putting the JJJs premium to the component by 1.97. I continue to be impressed by the high degree of correlaiton between the morning reports and the change in the change in the index component.

The 6-day moving average carcass weight firmed to 214.33#. Packer hogs are heaviier than non-packer hogs by 2.47#. Index hogs are lagging at 212.76#.

Ka!! Ching!! Ka!! Ching!! Ka!! Ching!! Just made a quick trip to the bank to deposit the profits from three long J/K spread trades. Someone was wanting to buy them this morning and I just happened to have three that were for sale.

I may have sold one to many. I'm now short one and the JJJs.

Best wishes,

dhm