3/10/17 was down -0.58 to 71.81. The strength in the JJJs has closed the "Gap" to -2.22 with the JJJs at a discount to the component. There may be some "Irrational exuberance" going on with the JJJs this morning. Now mind you I have been expecting the JJJs to rally a little by 4/17/17 but this is more than I was expecting and it is coming too soon. Maybe a dip will follow this rally.

The 6-day moving average carcass weight moved up to 212.86#. That is -0.45# yr/yr. Packer hogs were a bit heavier and non-packer hogs were down. Packer hogs continue to be +3.59# heavier and the percentage of packer hogs killed Friday was once again higher than usual. Packers seem to be pulling in more of their hogs lately.

If the JJJs dip now I have plenty of room on my boat to add more. It they go on up, I have some short puts and some money in the bank. Not a bad scenario.

Best wishes,

dhm