4/4/16 was up +0.19 to 66.11. The JJJs are now trading premium to the component by 1.84 with 8-days before we go to cash settlement. There seems to be a mild up-trend in the index so I'm suspecting most of the "Gap" will be closed by the JJJs moving higher.

The six-day moving average carcass weight declined to 214.10#. Both packer and non-packer hogs were nearly half-a-pound lighter. Index hogs are lighter at 212.73#. This adds to my feeling that the index may move up to close the "Gap". Packer hogs continue to be heavier by +2.56#.

I missed a couple of long-scalp set-ups but did get a short one. I was able to take profits on a short J/K calendar spread. I would like to get a few long Q/V spreads off my boat so I can re-load.

Best wishes,

dhm