12/15/17 was down -$0.28 and the model projects that the component on Friday's kill will drop between -0.20 and -0.50. The trend now seems to be lower. The GGGs are trading Premium to the component by +5.43. Traders are now thinking the demand will carry off the pork in grand style.

Packers purchased 153.1% of the moving average purchases of total hogs on Friday and 131.2% of Index hogs. Packers were buying hogs at a brisk pace Friday.

I have been able to make several trips to the bank with profits from some calendar spreads - mostly from selling long G/J and have replaced some of them with some long M/N spreads.

Best wishes,

dhm