4/6/17 was down -0.44 to 65.58. The JJJs are trading discount to the component by -1.91. Shortly I will post a revised cash settlement projection for the JJJs.

The six-day moving average carcass weight firmed to 213.41#. That is -0.94# yr/yr. Producers seem to be staying current in their shipments. Packers are getting more current in their shipments. Their hogs are only +2.00# over non-packer produers now. Index hogs are lighter at 212.67#.

Still short the JJJs and have been scalping in and out from the short side by selling rallies and buying dips. As is generally the case, I do my best trading when the front month is close to expiry. That is when the Hog Pricing Model is at its finest.

Best wishes,

dhm