2/28/17 was down -0.79 to 74.39. That is barely outside the range projected by my model. The JJJs are trading discount to the component by -6.71.

The six-day moving average a=carcass weight was unchanged at 212.31#. That is -0.50$ year/year. Packer hogs are now +3.71# heavier than non-packer hogs. The percentage of packer hogs in the kill was up again yesterday. Perhaps packers are working to get a bit more current in their shipments.

I am short some covered JJJ puts but mostly I am working calendar spreads and being careful.

Best wishes,

dhm