1/14/15 was down -$0.44 and the model projects that the CME Lean Hog Index component for 1-14-15 will drop between -0.30 and -0.60. The down trend continues and will most likely continue for a day or two after the Purchase Index turns up. The GGGs are now trading about even with the CME index component. With the kill running higher than projected, the carcass weights remaining higher than last year and plenty of cheek'en coming to market, packers may be slow to sweeten their bids.

Packers made a mildly below average purchase yesterday at 88.9% of the moving average daily purchases.

Best wishes,

dhm