4/1/16 was up +0.14 to 65.92 putting the "GAP" AT +1.73 with the JJJs trading premium to the component. The market has got rid of the excess "Gap" and it was mostly closed by the JJJs taking a dip. I didn't trade it very well but that was the suggestion I was getting from my Hog Pricing Model. I did close out March in the black, though.

The 6-day moving average carcass weight moved up to 214.52# with both packer and non-packer hogs being heavier. The index hogs continue to to the lightest of the different categories of hogs that I track.I view this as being mildly supportive of the JJJs.

Today was very quiet for me with only a few spread trades bring made. I now have a boat nice inventory of spreads loaded on my boat. I can take on a few more but I prefer to off-load a few first.

OOOPPPPssss!! Just dumped a short V/Z spread at my profit target.

Best wishes,

dhm