firmed to 215.39#. That is not surprising with packers slowing the kill for the Christmas. Year-over-year it is only +1.82#. This means that producers are getting quite current in their shipments. I continue to suspect the liquidation of a bunch of heavy hogs has ballooned up the kill rate a bit and inflated mildly the perception of the number of hogs in the 180# plus from the last H&P report.

I may be wrong, but I'm suspecting that the kill in early January is going to be a bit soft and that may firm the Index for a short while. I'm not convinced, though, that it will move the GGGs up much so I'm not net long then. I did buy a pair of them on the dip this morning and have now scalped out of them. I want to buy again on Monday in the high 79s if they break to that point.

Best wishes,

dhm