1/14/2020 was up +0.38 and the model projects the component on yesterday's kill will change in the range of +0.25 to -0.05. With their higher bids packers purchased 87.8% of he moving average daily purchases of total hogs and 92.3% on the index hogs.

I have been itching to get short the GGGs for some time because of the large "Gap". I finally developed the spine to sell two at the opening this morning. On average over the past six-years from this date until cash settlement the index has gained 2.54 until cash settlement although it did gain 12.39 in 2017.

Best wishes,

Doc