1-7-15 was NOT down after all. It wasn't up much - just 0.01 to 77.62. The weakness in the GGGs has closed the "Gap" to less than a point.

The six-day moving average carcass weight firmed to 217.16#. That's +2.43# yr/yr. It was mostly the packers who put a little more on their hogs. The percentage of packer hogs in the kill mix is holding steady at about 32.5%.

The uncertainty about the near-term kill level still has me on the sidelines relative to the GGGs. The large kill rate is coming sooner than anticipated and may burden the hog market down a little.

Best wishes,

dhm