5/31/16 was down -$0.56 and the model projects that the component on yesterday's kill will be down -0.20 to -0.50. With the MMMs trading premium to the component by +3.22, it is puzzling to me to see the MMMs open UP. SO I sold an MMM pig at 80.80 on the opening. If I was on a fishing trip with ITZ, I would probably have gone to the bank at 80.15 but I was busy trying to figure out why another sell order did not fill.

Best wishes,

dhm