2/11/18 was down -0.20 to 55.78. The GGGs settled discount to the component by -0.60. Obviously traders are banking on a little more weakness in the index over the next few days. The weakness in the cutouts today may be enough to give the traders what they have priced into the GGGs.
The 6-day moving average carcass weight eased to 215.07#. That is +0.96# yr/yr. Index hogs were also down a bit at 214.27#. Both packer and non-packer hogs were about 1/2# lighter. I am suspecting this is a reflection of the severe weather. It could either be that hogs are finishing a bit slower or that producers are having trouble shipping hogs. Packer hogs were +2.39# heavier than the non-packer hogs. The percentage of packer hogs continues to be higher than last year but it is backing down a little. It may be a sign that packers are becoming a bit more current in their shipments.
Yes, Dewey, i was good to have the market turn our way a bit. I hope we get a bit more of that over the next little while.