1/31/17 was up +0.58 to 69.36 putting the GGGs in lock-step with the component. With nine more days to cash settlement, the daily changes to the component will set the tone for what the GGGs will do and at this point the trend is still up.

The six-day moving average carcass weight was down with both packer and non-packer hogs dipping by about 1/3#. Index hog were also lighter. Perhaps these higher packer bid prices are pulling hogs forward. Packer hogs are still +3.45# heavier than non-packer hogs. Packers may be pulling in more of their hogs to meet their kill needs.

Still long the GGGs but they are really quiet today.

Best wishes,

dhm