4/5/16 WAS down $0.36 and the model projects that the component on yesterday's kill will fall between -0.30 and -0.60. The down trend is still firmly in place helped along by the falling cut out values. The JJJs are now trading discount to the component by -2.78. That is quite a "Gap" but the model projects it will mostly be closed by the index falling.

With their lower bids packers were able to purchase 85.2% of the m oving average daily purchases. That is in the "Normal" range but on the low side. They will be needing hogs today and/or tomorrow.

I'm not quite as short the JJJs as I was but sold on the higher opening and have now taken a few cents profit and am looking to sell again if there is little rally. Moves are generally more subdued this close to cash settlement so I am willing to settle for smaller scalping profits.

Best wishes,

dhm