1/22/16 was UP 0.27 to 58.37. The GGGs are now trading premium to the component by +4.85. This up-trend is being fairly persistent and that may carry the index up to where the GGGs are trading. I'm still holding to long GGGs although I have been in and out a dozen times or more with scalps, when the end of the day comes, I stay long.

The six-day moving average carcass weight eased to 214.68#. That is -1.73# yr/yr. Packer hogs lost more weight than other categories that I track. The category that was lightest in weight was the Index hogs at 213.43#. This suggest to me that producers of index hogs are keeping very current in their shipments. If packers start looking for hogs as the spring supply tightens, they may have to use firm bids to get the Index hogs. And this they are already doing.

Ka!! Ching!! Just took profits on a long N/Q spread. Have several more that are looking for a home.

Best wishes,

dhm

PS: Packer reports were late this morning so was not able to post a final Purchase Index until the component was already available.