12/22/17 was down -0.24 to 61.51. The GGGs are trading premium to the component by 9.54. That is not insignificant! But a ten-point move in the index is not uncommon.

The six-day moving average carcass weight eased to 213.91#. That is +3.05# yr/yr. Most of the drop in weight came from non-packer hogs although packer hogs were a bit lighter. Index hogs were up slightly at 213.99#. I think producers are getting more current in their shipments now. Packer hogs are heavier than non-packer hogs by 1.54#. The trend toward killing heavier hogs seems to be continuing and probably is because packers find it more efficient to process heavier hogs.

I have been able to get quite a few calendar spreads off my boat this morning at my target. I am still long a few GGGs and that is helping today.

Best wishes,

dhm