1-12-15 was down -$0.29 and the model projects that the CME Lean Hog Index component on the 1-12-15 kill will shed between -0.25 and -0.55. The down trend continues to be with us. With the kill coming in above projections, carcass weights firm and primal cuts showing significant weakness, the dynamics may be right for the GGGs to drift a little lower. Generally the index will show a little weakness for a day or two after the Purchase Index turns and it has not turned yet.

All this chicken that is being produced may add an element of competition for pork, too.

Last night I threw caution to the wind and carried a pair of Feb cattle/hog spreads into the darkness. They are now M.I.F. (Money In Fist).

I just sold a pair of GGGs at 76.80. Perhaps I should have been brave like Dewey and sold a handful. ITZ works in pairs so I will stick with that for right now.

Best wishes,

dhm