3/1/17 fell by -$0.45 and the model projects that the component on yesterday's kill will fall between -0.30 and -0.60. With the JJJs trading at a discount of -5.96 to the component, we as traders have to decide is that too high or too low are about right.

Packers can easily close the "Gap" by taking the index down and they will if the product does not move well. Yesterday they did a good job of selling pork in the face of a higher than expected kill so far this week.

I'm cautious!

Best wishes,

dhm