1/14/19 was down a paltry -0.04 and the model projects the component on yesterday's kill will firm between +0.15 and +0.45. It appears that packers still have some expensive hogs urchased that will support the index for a day or two even in the face of a lower purchase index. The GGGs are trading premium to the component by +5.75.

It was difficult for me to HODL the summer futures yesterday but today I am glad that I did.

Best wishes,

Doc