3/14/17 kill was down -0.05 to 71.97. The JJJs are now trading discount to the component by -1.27. The data is not showing me much that suggests packers are losing their appetite. Cutouts were firm yesterday, the kill was below projections, the packer hogs are still +3.58# heavier than non-packer hogs, the weight of index hogs dipped a little and the kill yesterday had a higher-than-usual percentage of packer hogs. I'm suspecting we are in for a short period of dips and rallies that we be driven by technical/emotional factors.

That might be great fishing weather for ITZ.

The 6-day moving average carcass weight firmed to 212.72#. That is -0.27# year over year. Packer hogs were a bit heavier and non-packer hogs slipped a bit. Index hogs were a bit lighter at 211.90#. This suggests that producers of Index hogs are quite current in their shipments.

Deliverd four long M/N calendar spread across the pond at my profit target. Still have plenty more but would like to get short the M/Ns at the 1.00 level or above.

It has been great scalping weather this morning but, unfortunately, I have not been a great scalping trader. Have missed several nice set-up but I did connect on a few.

Best wishes,

dhm