The CME Lean Hog Index component on the kill for -

2/14/18 was down -0.56 to 73.22 and that was the other half of the cash settlement index for the GGGs giving us a cash settlement index of 73.49. The model was once again a fine trading tool as we moved toward cash settlement. It suggested being long the GGGs and it worked all right. The JJJs settled discount to the component by -3.01. Traders think packers will be taking hogs down a bit.

The six-day moving average carcass weight firmed to 214.28#. That is +1.94# year/year. Packer hogs continue to be heavier by +0.99#. Index hogs were also heavier at 214.21#.

Best wishes,