2/1/17 was UP 0.55 TO 69.91 JUST about the same as the GGGs are now trading. The up-trend is still intact driven by the price of bellies. The is risk that the high price of bellies may dampen demand.

The six-day moving average carcass weight moved up to 212.94# just about the same as last year. Packer hogs were heavier by 1/3# and non-packer hogs were lighter by 1/5#. Packer hogs are heavier than non-packer hogs by 3.94#. That is not as much as it was. My thoughts are that packers are running more of their hogs through the plants to meet their kill needs. I continue to view heavy packer hogs as a bullish sign.

Spreads are not working for me today.

Best wishes,

dhm