DH, I just received this from Dennis

Cash hogs are looking mostly steady for today which is how they traded yesterday. Monday through Wed saw a $9.00 jump on cash hog prices. I’m hearing that packers are looking for hogs for next week and cash will resume the rally. Despite the carnage in flat prices, the bull spreads are clearly indicating higher cash will dominate.

Hams are seeing some pushback in the wake of the 30 cent rally during March. Bellies and trimmings are firm with most retail cuts in decent shape. Domestic demand for retail items is only average but export demand is strong. Explaining the volatility on the board is difficult, if not impossible to do. The CME, raising margins again for the third time seems to have encouraged the selling pressure the last two sessions.

Dewey