3/26/19 was up 2.33 and the model projects the component on yesterday's kill will be up between +1.70 and 2.00. The JJJs are trading premium to the component by 10.98. The model calculates that the component will need to gain +0.85 to close the "Gap". Over the past 6 days the component has gained an average of +1.92 per day. If the component were to continue to tack on that much each day, the JJJs would go to cash settlement at 94.46. Where will cash settlement end up being? I don't have a clue beyond the numbers I have just posted. "IN THE HOG MARKET YOU CAN ALWAYS EXPECT THE UNEXPECTED" Long Bear.

With their higher bids, packers purchased 74.7% of the moving average daily purchases of total hogs and 95.4% on the index hogs. Index hogs moved well yesterday. It is possible they are being pulled forward because Index hogs are lighter than the 6-day moving average.

It doesn't seem to me that the QQQs should be toying with going limit down so I bought this morning at 97.45. Maybe I will be blistered a little today.

Best wishes,

Doc