2/3/17 was up (again) by +0.45 to 71.13. The GGGs are up marching in lock-step with the component and thye should be with cash settlement just around the corner. Packers continue to have good margins and good demand so it is entirely logical that they are buying hogs aggressively.

The 6-day moving average carcass weight was up a tiny bit and it was all packer hogs that added poundage. Non-packer hogs were lighter. Packer hogs were heavier by 4.35%. I continue to view heavy packer hogs as a bullish sign. They seem to be wanting more pork and the only way they can get it right now is to finish their hogs to a heavier weight and this they are doing.

Have taken some profits on some of my long GGGs as well as several long M/N calendar spreads.

Best wishes,

dhm