4/6/16 was down -$0.02 and the model projects that the component on yesterday's kill will change in the range of -0.10 to +0.20. I read that as being essentially unchanged. That is somewhat different from the reading I had last night from the afternoon reports. It is not unusual for the morning reports to give a different reading from the afternoon reports and by and large the morning reports are quite a bit more accurate.

For this reason I don't often post what the afternoon reports are projecting.

Packers made only a fair purchase yesterday at 89.5% of the moving average purchases. Based on the firmness of the six-day moving average carcass weight, I believe the hogs are out there if the packers want a few more.

The weakness in the Purchase Index this morning is causing me to question my feeling that the Index could bump the JJJs up a point or more. On average over the past six-years the Index has dropped a couple of points between this point and cash settlement. That is not the way I have positioned my JJJ trades.

Maybe I can scalp a little here and there while I wait for the calendar spread to do their thing.

Best wishes,

dhm