1/21/16 was up +$0.40. The model is not back in order so it can project a change in the component but it will surely be up again. We have a nice up-trend going and the market is saying the component is going to keep marching higher until mid-June when it is expected to get close to 80. I scalped out of one of my long GGGs yesterday and have been trying to find a good re-entry point. I think if I am patient, the market will give me one.

Even with their higher bids, packers did not get a very good purchase yesterday - only 76.3% of the moving average daily purchases. Weather may a factor or the supply of hogs may be a bit tight.

Best wishes,

dhm