2/10/16 was up +0.50 to 65.85. As I have been suspecting, the Index is now pushing the GGGs higher. The "Gap" is now -0.10 with the GGGs now at a discount to the component.

The 6-day moving average carcass weight was firm at 213.28#. That is -2.30# year/year. The index hogs are still the lightest of the ones I track but they did tack on nearly a half-pound yesterday. Maybe the lack of shipments the past few days is now showing up as mildly heavier hogs.

I have now sold all but two of the long GGGs I loaded onto my boat. My boat is still riding low in the water with plenty of spread trades. This morning I have been able to sell some of the long M/N spread trades.

Best wishes,

dhm