2/5/18 was up 0.44 to 75.09. The GGGs last traded+2.0 discount to the component by -0.34. I still have quite a few deep in-the-money covered calls in place and I will try to ride them into cash settlement. A crash in the component could cause me to re-think my strategy.

The six-day moving average carcass weight eased to 214.42#. That's 2.04# year over year. Both packer and non-packer hogs were lighter by nearly 1/2#. Packer hogs continue to be heavier than the non-packer hogs by 1.52#. Packers just want bigger hogs - - - and I keep wondering if they are also wanting more and more pork which is what you get with bigger hogs.

Traders didn't want to play calendar spreads the way I wanted to play today so I mostly twiddled my thumbs today.

Best wishes,

dhm