4/1/19 was up +0.80 to 77.28. The JJJs are trading premium to the component by 1.75 and we get 9-days of data to get us to cash settlement. This morning I placed orders for a pair of long JJJJs to take to cash settlement but the market Gaped up and I missed them.

The six-day moving average carcass weight eased to 215.11# and that is exactly the same weight that we had one-year ago. Packers are continuing to ship a significantly higher percentage of the kill than they did one-year ago and their hogs are +4.15# heavier than the non-packer hogs. Index hogs are lighter at 213.26#.

The market is giving me a little action on the calendar spreads today and have been able to get a K/M spread on and off my boat the same day. That does not happen very often.

Best wishes,

Doc