3/13/19 was up +0.87 and the model projects the component on yesterday's kill will jump between +0.45 and +0.75. The JJJs are now trading premium to the component by 11.51. That seems like a lot so I took a bravery pill and sold a JJJ pig at 64.975.

With their higher bids packers purchased 89.9% of the moving average daily purchases yesterday in total hogs and 100.9% on the Index hogs.

The data continues to suggest to me that 180K to 250K of hogs have been pulled forward.

It appears that now is a good time to HODL the deferrred contracts!

Best wishes,

dhm