3/4/25 was up only 0.06 to 68.12. That puts the JJJs at a discount to the component by 1.19. Looking at the fundamentals, it appears to me that there is a good chance that the falling component will depress the JJJs a bit more.

The MMMs are premium to the component by 12.01. Technical/emotional factors are likely to move the MMMs around quite a bit as we go toward cash settlement. My read on the fundamentals is that for the near term supply is more than ample and it may take a little price weakness to induce the consumer to carry-off all pork that packers are producing.

The six-day moving average carcass weight firmed to 214.66#. That is +0.60# yr/yr and essentially of of the weight gain came from heavier packer hogs. Today I have taken profits on a long N/Q spread and cashed in a couple of short MMMs. I hope those of you who followed me with the long J/M spread were more patient than I. When I got a point plus commissions I headed for the bank. I was able buy a couple of Q/V spreads when to price broke a little bit this morning. It won't take much more of a bounce and I will cut them loose.

Best wishes,

dhm