2/28/18 was down -0.39 to 68.17. The JJJs are now trading discount to the component by -0.67. Traders still seem to think we are headed lower.

The six-day moving average carcass weight eased just slightly to 214.79#. That is +2.32# yr/yr. Packer hogs are still heavier than non-packer hogs by +1.34. Index hogs came in at 214.70# which was up slightly. If there are health problems in producers' barns, it has not started to show up in the kill rate or the carcass weights.

I'm still flat the JJJs but was able to pull off a small scalping trade this morning.

Best wishes,

dhm