4/10/17 was down $0.23 and the model projects the component on yesterday's kill will fall between -0.25 and -0.55. Packers are continuing to hack away at their bid prices. The JJJs settled discount to the component by -1.54. The numbers are telling us that a fair-sized portion of that "Gap" will disappear when the 201 report comes out this morning.

Packers made a more or less "Normal" purchase yesterday at 94.5% of the moving average daily purchases.

It continues to appear that there is less risk being short the JJJs than being long them.

Best wishes,

dhm