final Purchase Index for 12/30/19 will be late. With the GGGs being premium to the component by +13.69, my feeling is that the GGGs may have to give up a little of that. On average ove the last six-years, from this date until cash settlement, the index has gained and average of +5.42. The most it gained was 17.36 in 2017. In 2015 it actually lost -17.84. My electricity went out for a few hours yesterday before closing; otherwise I might be short a GGG pig or two. Getting short this morning may be a day late.

Best wishes,

Doc