2/4/19 was down -0.27 to 57.18. It looks like the GGGs will be settling discount to the component by -0.68.

The 6-day moving average carcass weight eased to 215.28#. That is +0.85# yr/yr. Index hogs were also down a little to 214.00#. Packer hogs were lighter by about 3/4# and non-packer hogs were down about 2/3#. Packer hogs are +3.47# heavier than the non-packer hogs. If hogs have been backed up a little, it would seem to me that the carcass weights would be up a bit but they don't seem to be. Maybe the cold weather is slowing finishing. I suppose it is possible that a few less hogs are in producers' barns than we have been expecting.

It was not as much fun to be HODLing summer futures today as it was yesterday. Having taken profits on a bunch of spreads and a couple of NNNs, all of yesterday's gains will not have been clawed back today.

Best wishes,

D.H.