3/7/19 was up +0.07 to 51.74. The JJJs are now trading at a very big premium of +7.66 to the component. That "Gap" has me thinking I should be getting short the JJJs to go to cash settlement. One year ago the JJJs were trading premium to the Index by +0.80 and then the March wash-out began. Now the March wash-out may be ending.

The 6-day moving average carcass weight was steady at 215.35#. That is +0.41# yr/yr. Index hogs are lighter at 213.75# which is down slightly from yesterday. Packer hogs are heavier than non-packer hogs by a massive +5.02#. I don't remember seeing a number like that before and packer hogs were a bit heavier yesterday and non-packer hogs were a touch lighter.

It is more fun being long the deferreds today than it has been.

Best wishes,

dhm