1/20/16 was UP +0.64 to TO 57.53. The GGGs are now trading premium to the component by 5.99. Gains like we saw in the component today can close a lot of "Gap" between now when to GGGs go to cash settlement in 17-days.

The six-day moving average carcass weight eased to 214.50# this morning. That is -1.34# yr/yr.

Perhaps more important is the fact that the 6-day moving average carcass weight on index hogs was down. I believe this may be suggesting that producers of index hogs have been shipping quite aggressively and are now very current in their marketings.

I continue to have a bias toward the long side of the GGGs but I don't trade many outright futures anymore so I only have two long GGGs.

At this point I have plenty of space on my boat to add a bunch of calendar spreads.

Ka! Ching!! Just hustled-off to the bank with a deposit from selling a long Q/V spread. The Q/Vs are tending to replace the K/M spreads as my favorite.

Best wishes,

dhm