1-9-15 was down 0.85 to 76.35. That puts the GGGs premium to the component buy 1.35. It may be slow going for the GGGs to put on much of a rally as long as the Index keeps crumbling away.

The six-dayh moving average carcass weight firmed to 217.28#. That is + 2.55# yr/yr. Not hint there that hogs are in short supply. Packer hogs were a bit lighter and non-packer hogs were up a little. Packers may be hurrying their hogs to market a little ahead of the non-packers.

The numbers seem to be supporting the idea that producers may have expanded last year more than the USDA picked up for the last H&P report. It is not very surprise to see producers expand when they are showing nice profits.

Best wishes,

dhm