1/19/16 was up +0.24 to 56.89. Traders may be re-thinking the premium they have built into the GGGs. They are taking it down a little today to 5.42.

The six-day moving average carcass weight eased to 214.75#. That's -1.47# Yr/Yr. Packer hogs were lighter but so were Index. The six-day moving average carcass weight on Index hogs has dropped from 215.38# on 1/09/16 to 213.35# today. That is quite a drop and may be suggesting that Index hog producers have been selling aggressively. If that is the case and they are super current in their shipments, if packers want a few extra hogs a bit later, they may be bidding a bit firm for them if it turns out that the Index hog producers are a bit short on hogs.

I am trying to keep my nose above water today scalping the GGGs and have been able to add a few spreads and take off a couple. I think my boat is doing all right today although the strength in the G/J spread is biting me a little.

Best wishes,

dhm