2/6/15 was down -1.26 to 66.11. That would have closed the "Gap" quite a bit except traders have trashed the GGGs once again this morning so the "Gap" has moved to -4.04 and now there are only five more days of data to come into the mix.

Packers seem to be on a serious mission to get their cost of product down - - - way down!

And they are doing it.

The six-day moving average carcass weight was essentially unchanged at 216.15# which is +2.45# yr/yr. Packer hogs were a little lighter and non-packer hogs were enough heavier to cancel out the drop in weight by the packer hogs.

I still have a couple of handfuls of short piggies spread on top of my spread trades. I took profits too soon this morning on a pair of short J/K spreads. I feel mighty lucky to have ducked the bullet by taking a small profit on a short Feb cattle/hog spread last week. I was tempted to tough it out. That was one heck of a bullet I dodged on that one.

Best wishes,

dhm