1/15/19 was up +0.13 to 58.08. The GGGs are now trading premium to the component by +1.92. The model calculates that it will take an overage daily gain of merely +0.09 to close the "Gap". Over the past five days the component has been up an average of +0.52. The declining packer bids for negotiated hogs may be an early sign that the up-trend is running out of gas.

The 6-day moving average carcass weight eased to 215.68#. That is +1.27# yr/yr. Packer hogs are heavier than the non-packer hogs by +3.15#. Index hogs were a bit lighter on yesterday's kill falling to 214.91#.

Rough weather has forced me to throw some of the summer futures over-board to keep from swamping my boat. Tomorrow the rest may have to go.

Best wishes,

Doc