2/4/2020 was down -0.20 to 60.88. The GGGs are trading discount to the component by -3.58. Packers' gross margins have now drifted down to +$15.26/Index Hog.

The six-day moving average carcass weight was steady at 216.27#. That is +1.04# year/year. Index hogs were a bit heavier at 214.34#. Packer hogs are heavier than non-packer hogs by +3.64#. Over the past couple of weeks it appears that packers have been shipping their hogs a bit faster but they are still heavier than the non-packer hogs.

The long summer futures are still a drag on my portfolio. The Q/V spread moved up enough to give me a quick trip to the bank this morning and I am trying to cover a short Z/G spreaad at -3.275 but will sell again if it bounces to -2.475

Best wishes,

Doc.