3/31/17 was down -$0.72 and the model projects that the component on Friday's kill will drop between -0.45 and -0.75. The down trend is continuing. With their lower bids, packers were able to purchase 125.3% of the moving average daily purchases.

The JJJs are now tradijg discount to the component by -2.60. There is a good chance that the falling component will pull the JJJs lower. I came through the weekend with some short JJJs.

Ka!! Ching!!! Just made a trip to the bank with profits on a short J/K spread.

Best wishes,

dhm