4/4/17 was down -0.50 to 66.35. The JJJs are now tradin g discount to the component by -2.73. The model is projecting the cash settlement index for the JJJs will be 63.78 with a range of 63.28 to 64.28.

The six-day moving average carcass weight eased to 213.04#. It was the packer hogs that pushed the weight down. They were lighter by nearly 1/2# while non-packer hogs were nearly unchanged. The weight is -0.92# yr/yr. This suggests to me that producers keeping quite current in their shipments. Considering the inventory of hogs that producers have, the is a very good idea.

Still short the JJJs and selling rallies and buying dips.

Best wishes,

dhm