4/8/19 was up +0.25 and the model projects the component on Monday's kill on will be up between +0.40 and +0.70. The JJJs settled discount to the component by -0.11.

At the time the afternoon report was released, packers had purchased 106.6% of the moving average daily purchases of total hogs and 88.8% on the Index hogs. Packers purchased good numbers but they bid a bit higher to get them.

Both the CME Lean Hog Index and the Purchase Index are still in an up-trend. I just have this feeling that the up+trend will continue long enough to nudge the JJJs up a little so I am still long the JJJs and planning on taking them to cash settlemetn

Best wishes,

dhm