2/3/15 is not available because the USDA has not posted the morning reports. I'm suspecting that packers are have "Submission " problems again today.

From the afternoon reports yesterday, the model is projecting that the Purchase Index will be down again and the CME Index component on the 2-3-15 kill will drop between -0.50 and -0.80. This down trend is still going strong. If we are in the expansion phase of the "Hog Cycle" as I suspect, there is going to be a ways to go before we hit the crest and begin the liquidation phase.

I sold a couple of JJJs this morning and am holding onto the other shorts that I have piled on top of the spread trades. Yesterday I was tempted to sell a Feb cattle/hog spread. Today I am plenty happy that I wisely controlled that urge.

Best wishes,

dhm