1/11/17 jumped +$1.12. Packers seem to have a big appetite for hogs. The soaring cutouts yesterday may be the explanation and it may be the exports that are driving the cutouts. With their higher bids yesterday, packers made a solid purchase at 107.1 of the moving average daily purchases.

The GGGs settled premium to the component by +4.25. At a buck or so a day up, that closes a lot of "Gap".

I carried too many long GGGs forward from yesterday but the pre-opening is not saying I will be punished for it. I have room on my trusty little boat for a few more spread trades. I just sold two G/Js so that makes even more space.

Best wishes,

dhm