4/6/16 was up +0.12 to 66.62. That cuts the "Gap" to 0.78 with the JJJs being premium to the index. It is beginning to appear thata "The Market" has the JJJs priced just about right. Since there is an up-trend going on in both the CME Lean Hog Index and the Purchase Index, I will cling to a trio of JJJs with the intention of riding them into cash settlement. They are very fluid, though, and could be dumped in a hurry in the event that the up-trend appears to be coming to an end.

The six-day moving average carcass weight moved up to 214.52#. That is only -0.18# year/year. Index hogs continue to trail at 213.12# and packer hogs are heaviest at +3.02# over non-packer hogs. The percentage of hogs being killed that are packer hogs is mildly higher than one-year ago.

Ka!! Ching!! Ka!! Ching!! Took the profits from two long J/K spread trades to the bank.

Best wishes,

dhm