2/8/18 was down -0.50 to 75.15. The GGGs are now trading discount to the component by -1.78. Looking a the down trend and the weakness of the cutouts, I tend to suspect that the "Gap" will mostly be closed by the Index coming down to tag the GGGs.

The six-day moving average carcass weight firmed to 214.44# this morning. That is +1.96# year/year. Packer hogs were heavier than non-packer hogs by 0.89#. Index hogs were a bit heavier at 214.86#. As near as i can tell, producers have plenty of hogs to market this spring. I sold a GGG pig out of my batch of covered calls.

Best wishes,

dhm