2/2/17 was up +$0.91 and the model projects that the component on yesterday's kill will be up between +0.30 and +0.60. The GGGs settled premium to the component by +0.44 so the bump-up in the component is already priced into the GGGs.

But there may be another bump-up on the way for the index. With their higher bids packers only purchased 82.7% of the moving average daily purchases. That is the third day in a row that purchases have been below 90% and it needs to average 100% to keep the plants running.

I'm still long the GGGs but have unloaded a good part and am trying to decide whether or not to put them back on if we see the GGGs dip. I think I should because this up-trend is very strong.

Best wishes,

chm