1/25/18 was up +$0.08 and the model projects that the component on yesterday's kill will be up between +0.05 and +0.35. With their firm bids packers purchased 126.0% of the moving average daily purchases of Index hogs and 133.2% of total hogs. The GGGs settled discount to the futures by -1.21.
There is the possibility that hogs have been in a weather market and packers were bidding higher to get hogs to move in the cold weather. Even so, I'm not expecting a flood of hogs coming to market because producers seem to be fairly current in their shipments.