3/15/17 was up +$0.07 and the model projects that the component on yesterday's kill will change in the range of +0.10 to -0.20. The inventory of hogs packers have purchased are priced all over the place so the model has the challenge of "Guessing" which batch were run through the plants yesterday. Generally it does a very good job and it may again today. There has not been a general down-trend develop in either the CME index or the Purchase Index. The kill is coming in below projections. Carcass weights are running a bit below last year suggesting producers are fairly current in their shipments. Not the making of a bear run yet.

The JJJs are trading discount to the component by -1.89. That is not enough to be an issue so I will keep working the spreads and scalping if I am able to spot a good set-up.

Dest wishes,

dhm