4/14/16 was down -0.25 to 66.55. That puts the cash settlement index for JJJs at 66.67. That means that I have to cough up 0.13 on each contract I took to cash settlement. That is not what I had in mind but I will be able to come back and keep on playing the game.

The 6-day moving average carcass weight moved up to 214.80#. That is +0.02# year/year. Packer hogs are continuing to add weight and are now +3.50# heavier than the non packer hogs. Index hogs are lighter weight at 213.08#.

The hog market is quiet today. I was bought two N/Q spreads at +0.20 and have orders to buy more if the weakness builds. I'm happy to see the K/M spread showing some strength. It won't take much more and I will make a trip to the bank.

Best wishes,

dhm