12/26/17 was up +$0.02 and the model projects that the component on yesterday's kill will be down between 0.05 and -0.35. Packers still have some cheap hogs purchased that will keep the downward pressure on the component for a few more days.

The GGGs are trading premium to the component by 9.96. There are some bullish traders surfacing of which I am not one. I do have a pair of long GGGs, though. I did have three but put one in the bank this morning.

Best wishes,

dhm.