2/2/15 will be late "Due to Packer Submission Problems". Yea! Right!

From the afternoon reports the model projects that the final Purchase Index will be down and the CME Lean Hog Index component on the 2-2-15 kill will drop between -0.40 and -0.70. The projection from the afternoon reports is not as good as the projections from the morning after reports.

At any rate, the down trend is still intact and the data is still pointing to producers being in the expansion phase of the hog cycle.

The GGGs settled at a discount of -3.67 to the CME component. Traders still think more air is going to be let out of the price of hogs.

Best wishes,

dhm