2/23/17 kill was down -0.78 to 77.17. The JJJs are now trading discount to the component by -11.17. It is crystal clear that the up trend in the index has now ended. It is NOT clear how rapidly packers will take the index down. A lot depends on the kill rate and this week is it coming in quite firm.

The six-day moving average carcass weight eased a little to 212.52#. That is -0.46# yr/yr. Packers are still bringing their hogs to market a bit heavier by +3.54#. Today packer hogs moved up by another 1/4# and non-packer hogs were fractionally lighter.

Today I'm neutral the JJJs and waiting to see how things shape up over the weekend.

Best wishes,

dhm