The CME Lean Hog Index component on the kill for -

3/1/18 was down -0.16 to 68.01. The JJJs are now trading discount to the component by -0.84. It looked like packers were bidding a little higher for the negotiated hogs yesterday. This may be an early sign that the spring up-trend may be just around the corner.

The six-day moving average carcass weight moved up to 214.93#. That is +2.44# year/year. Almost all of the weight increase was due to packer hogs being heavier. Packer hogs are now +1.55# heavier than non-packer hogs. Index hogs were steady at 214.68#.

Still flat the JJJs but I have a boat load of calendar spreads. I have some long M/Ns that are giving me a bunch of grief. They are helping me a little today.

Best wishes,