eased to 216.22#. That's +2.05# yr/yr. The steady carcass weight suggests that producers still have an ample number of hogs to meet packers' needs. Therefore the usual spring rise in the price of hogs is probably a ways off still.

How far off?

Possibly long enough to see the index not rise much until the GGGs go to cash settlement.

I'm still long the Feb cattle/hog spread.

Best wishes,

dhm