2/10/16 was up $0.12 and the model projects that the component on the 2/10/16 kill will be up between +0.05 to +0.35. The up trend appears to be alive. Generally the component will continue up for one to two days after the purchase index reverses. With the GGGs expiring tomorrow, it appears being long is still the way to be.

Yesterday packers only purchased 85.7% of the moving average daily purchases. Maybe hogs are not moving very well because of the weather so it is possible that hogs are being backed up a little. However the last H&P report was showing a little weakness in the number of hogs that would be coming to market at this point.

I'm still long GGGs but have sold a lot of the longs and made deposits.

Best wishes,

dhm