The final Purchase Index for - - -

3/19/18 was down -0.80 and that comes on top of a drop yesterday of -1.14. Packers are really going to town in trying to get their cost of product down as they see the cutouts continuing to dribble lower. There are just too many heavy hogs coming to market at a time of the year when we should begin to see the kill rate slow a little. Yesterday the component on Friday's kill dropped -0.68 to 64.65. The JJJs are now trading discount to the component by -1.20. The weakness in the Purchase Index suggests that we are in for a day or two more of erosion in the CME Lean Hog Index. Considering the fact that cutouts are weak, the decline in the Index may continue for more than a day or two if packers don't scare up some demand for the product.

I didn't get short the JJJs like I thought I should.

Best wishes,