1/23/19 was up +0.06 to 58.52. The GGGs are now trading premium +1.95 to the component. Last year on this date the index was 73.77. This suggests to me that American pork is relatively cheap which bodes well for exports.

The six-day moving average carcass weight was steady at 215.25#. That is +0.91# year/year. Index hogs were also steady at 214.13#. Packer hogs are +3.08# heavier than the non-packer hogs. Non-Packer hogs were lighter by about 1/4#.

Today was NOT a good day to be long hogs!

Best wishes,

D.H.