2/16/16 was up +0.07 to 66.11. That is very much in line with what the model projected. The JJJs are now trading premium to the component by 4.04. Just as we saw the Index go up enough to push the GGGs up a little, there is a good chance that the Index will now rally enough to nudge the JJJs a bit higher. A "Gap" of 4.04 is not much this time of the year.

The six-day moving average carcass weight was nearly unchanged at 214.39#. That is -1.17# year/year. Packer hogs are now lighter by 0.67#. It appears that packers have been bringing their hogs to market at a fairly rapid clip. The 6-day moving average carcass weight of the Index hogs has now fallen to 212.36#. That is two pounds below the overall average. It continues to appear to me that producers of index hogs have been quite aggressively shipping hogs. As we move into the lower spring kill period, there could be consequences to this with packers wanting hogs and index hog producers not having them.

Best wishes,

dhm