1/12/15 was down 0.22 to 76.14. That cuts the GGGs premium over the index to 0.54 and keeps the downtrend going.

The 6-day moving average carcass weight eased to 216.84# which is +2.57# yr/yr. Packer hogs held steady but it was the non-packer hogs that shed some poundage.

The percentage of packer hogs killed was firm at 33.7%. It usually does not run quite that high.

As it turned out, I was quite fortunate to have taken profits on a couple of long Feb cattle/hog spreads. Cattle going limit today caught me totally off-guard but I didn't get punished by it however I did take profits on the short GGGs too soon but I did cover the rent for the day.

I was also able to profitably dump a pair of the long N/Q spreads from my portfolio. I now hope they will retrace so I can re-load or else move on up so I can dump some more.

Best wishes,

dhm