3/23/17 was down -0.59 to 70.61. The JJJs are trading discount to the component by -2.28. When the JJJs skyrocketed yesterday, I thought they were over doing it and today there is a correction underway.

The six-day moving average carcass weight was up a little at 212.64#. That is -0.89# yr/yr. It appears that the high kill rate the past couple of weeks may be producers liquidating their inventory of market ready hoggs. And it may be especially the packers who are liquidating. Packer hogs are now 2.86# heavier than the non-packer hogs. It was not long ago that packer hogs were more than 4.0# heavier. I don't believe packers liquidating is a bullish sign!

I should have had the spine to have traded my feeling that the JJJs ran up too much yesterday; But I didn't really although I did go through the night short 3 JJJs.

Still have one of them.

Best wishes,

dhm