1/20/15 was down -0.40 to 74.35. When the 201 report came out showing the component was down, some weakness showed up in the GGGs. From the declining Purchase Index, you and I both knew that the component was going to shed something around a half point. When the other traders became aware of that, they eased the GGGs a little. That is helping the Feb cattle/hog spread that was starting to worry me.

I think I will be patient for a while longer to see if the GGGs will dip a little more or the Feb cattle will bounce a little higher.

Best wishes,

dhm