3/12/15 was down -0.45 to 65.75. The JJJs are discounted to the index component by -4.05 and the MMMs are premium to the component by 9.00. I still want to own the J/M spread. It gave me a good chance to buy it yesterday but I was busy with ZZZs and MMMs outright and missed it. If it gives me a second chance, I will be buying at -13.85. If I don't get filled next week, I'll forget them.

The 6-day moving average carcass weight was steady this morning. It is still +0.52# year over year. That doesn't sound like much, but on the number of hogs involved, it adds up to a good bit of pork.

Earlier I outlined the possible scenario that made selling the ZZZs a reasonable trade. I hope some of you tagged along and sold the ZZZs at 66.425. They are now trading at 63.175 and I'm still short.

Best wishes,

dhm