3/27/17 was down -$0.50 and the model projects that the component on yesterday's kill will ease between -0.25 and -0.55. The big drop in the JJJs yesterday opened the "Gap" to -4.30 with the JJJs being at a discount to the component. That is quite a discount this close to cash settlement but packers have the index on an "Industrial Strength" decline right now. The cut outs are behaving a bit shaky.

Packers were able to purchase 80.4% of the daily moving average purchases with their lower bids yesterday.

Best wishes,

dhm