4/14/16 was up +$0.23 and the model projects that the component on yesterday's kill will be up between +0.05 to +0.35. This will be the other half of the cash settlement index. It appears that my decision to take some JJJs to cash settlement worked out all right. Nothing great but all right.

With their mildly higher bids yesterday, packers only made a fair purchase at 84.7% of the moving average daily purchases.

The MMMs settled premium to the component by 10.30. That represents more than the average amount of bullishness that for the MMMs. On average over the past 12-years the index has gained 5.21 from this date to expiration of the MMMs. MMM bulls need to be cautious.

Best wishes,

dhm