1/26/17 was up +0.11 to 68.35. The GGGs are now trading discount to the component by -2.00 with twelve more trading days before expiration. The component has been up for 17-days consecutively and has made an ITZ-ten-point move of 10.73 during that price surge. Presently I see nothing in the data to suggest that the up-trend is coming to an end - but it will. Trends always end!

The six-day moving average carcass weight was steady at 213.60# That is about the same as last year. Packer hogs are heavier than non-packer hogs by 4.50#. I continue to think that it is a bullish sign when packers are bidding higher for index hogs while finishing their hogs to heavier weights.

Calendar spreads are moving on and off my boat at a fast clip again today. Still long the GGGs.

Best wishes,

dhm