1/20/17 was up +0.03 to 67.06. The GGGs are now trading discount to the component by -2.41. "The Market" now seems to be convinced that pack are about to begn lowering their bid prices. And they might be right. The component was not up nearly as much as the model projected.

The six-day moving average carcass weight was up a little at 216.42#. That is only -0.49# yrr over yr. Hog are getting a bit heavier and it the packer hogs that are up. Non-packer hog were about 1/2# lighter. My thoughts have been that packers are finishing their hogs heavier because the want the pork and the was a bullish sign. The rest of "The Market
" does not seem share my view so I am lightening my load of long GGGs. Perhaps I will re-load at a lower level or the market may reverse and I will stand with my baggage in hand watching the train leave the station.

Best wishes,

dhm