2/9/17 was up +0.58 to 73.79. The firmness in the GGGs is keeping the "Gap" steady with the GGGs premium to the component. My Hog Pricing Model is a very handy trading tool during the last two-weeks before going to cash settlement. It doesn't amount to much on the deferreds like say the QQQs.

The six-day moving average carcass weight moved up to 212.48#. That is -0.45# year/year. Packer hogs were steady but non packers hogs were down -1/3#. This suggests to me that these high packer bids are pulling the non-packer hogs forward and packers are holding onto their hogs to get more weight on them. Index hogs were firm at 211.48#.

I keep adding a few GGGs on dips and selling on rallies but mostly I'm just clinging to the long GGGs I have as the component posts one high after another. So far today the Q/V spread has not dipped to fill my order.

Best wishes,

dhm