12/10/14 was down -0.33 to 88.27 putting the ZZZs at a discount to the component by 0.77. Tomorrow the ZZZs go to cash settlement and I will be left with a boat load of long GGGs. Dewey and I think they may move up a little over the next couple of weeks.

Some of the Long GGGs I will sell.

Some I will spread with JJJs.

Some I will spread with short Feb cattle.

And some I will just hang onto for a while.

The six-day moving average carcass weight was steady at 215.95#. That is +2.47# yr/yr. Both packer and non-packer hogs were nearly unchanged.

Yesterday I decided to live dangerously and carry a couple of short Feb Cattle/Hog spreads with the intention of scaling into another one above 80.00. This morning the market gave me an opportunity and I took some profits on one and am now looking to replace it at 78.775 for point of profit. I still want to scale in again at 80+.

Best wishes,

dhm