3/4/15 was DOWN $0.22. Packers still have a fair-sized inventory of more expensive hogs purchased so the m odel is projecting that the CME Lean Hog Index on yesterday's kill will creep up between +0.20 and +0.50.

Packers purchased 89.0% of the moving average daily purchases yesterday. That is a bit on the low side. It may have been because of the weather or it could have been that producers didn't like the lower bids. The declining 6-day moving average carcass weights suggest that producers are trying to get current in their shipments and they have done a fairly good job of getting there.

I flirted with the idea of selling a couple more MMMs at the early morning peak but was overcome by cold feet.

I did ring the till for a few tics on a long N/Q spread I bought yesterday. Still have plenty more if the spread keeps going higher.

Best wishes,

dhm.