3/20/18 was up +1.30 and the model projects the component on yesterday's kill will jump between +1.30 and +1.60. We may get another day when the actual exceeds the projected. Packers were really putting the money on the negotiated hogs. With their higher bids packers only purchased 78.5% of the daily moving average purchases of total hogs. It has been a month since we have seen that small of a purchase number. They did better on the index hogs at 95.0%

I am flipping a few calendar spreads and HODLing the deferred contracts.

Best wishes,

dhm