1/24/18 was down -0.18 to 73.68. The GGGs settled discount to the component by -1.21. Traders think the softness we saw in the component is going to continue for a while - - and it might.

The six-day moving average carcass weight firmed to 214.35#. That is +0.75# year/year. It appears that producers are quite current in their shipments. Packers are continuing to finish their hogs out to heavier weights +1.49# over the non-packer hogs. Index hogs were also heavier at 214.56#.

Yesterday I took profits on the long GGGs but I still have some covered calls where the calls are now quite deep in the money.

The calendar spreads are keeping me very busy and I am finding it more and more difficult to get my data together and posts made.

Best wishes,

dhm