1/23/18 was up 0.17 to 73.86. The GGGs are now trading discount to the component by -0.91.

The six-day moving average carcass weight was steady at 214023#. That is +0.72# year over year. Packer hogs continue to run heavier than non-packer hogs by +1.39#. I think one of the reasons packers are bringing their hogs to market heavier is because they are wanting more pork. They most likely have some long-term sales made and have a fairly good idea about the hogs that are coming on line. Index hogs were a bit lighter at 214.32#.

Am still long thre GGGs but not much. I see the long JJJs have put a smile on Dewey's face this morning. The way the calendar spreads are moving has me smiling as I take a few trips to the bank.

Best wishes,

dhm