4/10/17 was down 0.46 to 64.41. It seems that each time the component moves lower the JJJs follow and we don't get a lot of closing of the "Gap" It now stands at -1.71 with the JJJs at a discount to the component.

The six-day moving average carcass weight dipped to 213.3#. That is -0.73# year/year. Packers seem to be getting more current in their shipments. Packer hogs are only +1.91# heavier than the non-packer hogs. At one point they were more than four pounds heavier.

Still short the JJJs and loving it. I hope the cash settlement projections from the model have given some of you other patron here the bravery needed to hang short the JJJs.

Best wishes,

dhm