2/28/19 was down -0.53 to 51.86. The JJJs are settling premium to the component by +4.59. "The Market" says there is a bottom to this downtrend and it will show up before 4/12/19. For the benefit of the producers, Dewey and me, I hope "The Market" is right!
The 6-day moving average carcass weight firmed to 215.20#. That is +0.27# year/year. Index hogs were also a bit heavier but still lighter than the 6-day moving average at 213.72#. Packers are continuing to finish their hogs heavier than the non-packers by +3.21#.
Cnsidering the weakness of the Purchase Index and the downtrend in the CME Lean Hog Index coupled with the fairly large :Gap" at +4.59, I decided to sell a pair of JJJs when they rallied near the close at 56.575. Come Monday morning I may find the folly of my ways. Maybe I was a little bored because the spreads are not exhibiting much movement.