3/13/19 was up +1.32 to 54.79. The model pointed to firmness in the component on yesterday's kill but nothing like the surge that we got! It looks like the JJJs will settle premium to the component by 10.94. It didn't take long for me to realize the folly of my ways in selling the JJJ pig this morning.
The 6-day moving average carcass weight firmed to 214.86#. That is +0.16# yr/yr. Index hogs were up slightly but still lighter at 212.84#. Packer hogs were heavier than the non-packer hogs by 4.52#. Packers seem to be plenty bullish having expanded to produce more hogs and they are shipping them at heavier and heavier weights.
I am still HODLing the deferred contracts.