3/31/17 was down -0.87 to 67.22. The JJJs are now trading discount to the component by -2.17. I am beginning to think that the index will drop enough to suck the JJJs down a bit.

The six-day moving average carcass weight firmed to 213.46#. That is -0.77# yr/yr. Both packer and non-packer hogs were a mite heavier. Packers seem to be getting more current in their shipments. Packers hogs are only +2.98# heavier than the non-packer hogs. Index hogs are lighter at 212.62# although that was up a bit on the day.

I'm going to up-date the model for a projected cash settlement price for the JJJs. I am staying short and selling rallies and covering on dips. Scalping has be good to me this morning but there has been limited calendar spread activity for me.

Best wishes,

dhm