2/24/15 was UP 1.18 to 62.66. The JJJs are now premium to the component by 6.27 and the MMMs by 20.79. That may be about right for the JJJs but historically that would appear to be a little too wide for the MMMs.

At any rate, we seem to have now entered that long spring price advance. I am most doubtful that we will see the CME Index match last year's high of 130.35 hit on 4/2/14.

This morning I was able to hurry to the bank with a handful of long K/M spreads that had been hanging around like a long cold winter. I can now re-load my boat if they dip a little or I can sell more since I am still in the game with a few long K/M spreads.

The 6-day moving average carcass weight dipped to 215.07#. That is only 1.54# yr/yr. It was mostly the packer hogs that were lighter and the percentage of packer hogs being killed dipped to 29.93% yesterday. It usually runs about 32.5%.

I had been thinking that packers may have expanded somewhat more than the non-packers but the numbers from yesterday is causing me to re-think that line of reasoning.

Best wishes,

dhm