2/17/2020 was down -0.31 to 55.47. The JJJs settled premium to the component by 10.03. It looks like the cash settlement index for the GGGs is going to be 55.97. Getting short the GGGs and holding worked well, fortunately, because being long the summer futures and HODLing has not and is not working well.

The six-day moving average carcass weight eased to 215.45#. That is -0.10# yr/yr. Index hogs were steady at 214.70#. Packer hogs are +3.01# heavier than the non-packer hogs.

The afternoon reports showed packers were bidding quite a bit higher in some negotiated hog markets.

Best wishes,

Doc