3/6/15 was down -0.38 to 67.35. The JJJs are discounted to the component by 1.70 and the MMMs are premium to the component by 11.81. I still like being long the J/M spread but I took profits and want to buy at a price below where we are now. I cashed in too soon.

The 6-day moving average carcass weight firmed to 214.98#. That is +0.93 Yr/Yr. Both packer and non-packer hogs were heavier but the packer hogs jumped more than the non-packer hogs. It continues to appear that producers have ample numbers of market ready hogs so I'm expecting the usual spring bounce in the index to be either muted or delayed.

Best wishes,

dhm