12/28/15 was down -$0.09 and the model projects that the component on yesterday's kill will drop between -0.20 and -0.50. I didn't get it posted but the component dropped -0.51 to 53.27. Hogs are getting to be dirt cheap. Traders are thinking a turn-around is neigh at hand because they have bid the GGGs up to a premium of 5.51 over the component. I'm still working on the H&P report but it did not seem to show as big of a drop-off in the inventory of hogs as I was expecting in front of the GGGs going to cash settlement.

Best wishes,

dhm