4/13/16 was up +$0.03 and the model projects that the component on yesterday's kill will change in the range of -0.10 to +0.20. This will be 50% of the cash settlement Index. My assessment is that there is still a mild (Very mild) up-trend still in place for the CME Index so I am staying long to go to cash settlement. It probably won't give me much but something is better than nothing.

Packers made a decent purchase yesterday at 95.4% of the moving average daily purchases.

So far this week the kill is below projections. If it is because of a shortage of hogs, I would think packers will be bidding higher.

If the Q/V spread dips to 9.50 I will pile some more on my boat.

Best wishes,

dhm