4/3/17 was down $0.26 and the model projects that the component on yesterday's kill will ease by something like -0.35 to -0.65. With their lower bids, packers were able to purchase 102.8% of the moving average daily purchases. The JJJs are at a discount of -2.42 to the component.

The projected cash settlement is telling me to stay short the JJJs and sell again on a rally.

Best wishes,

dhm