2-9-15 was down -0.79 to 65.32. That has closed the GGG to component "Gap" to 3.70 with four more days of data to get us the cash settlement number. That is quite a "Gap" and tempts me to get long but first I want run some numbers through the Hog Pricing Model.

The six-day moving average carcass weight eased ti 215.79# this morning. That is +2,52# yr/yr. Both packer hogs and non-packer hogs were lighter weight. Producers may have decided to get more current with their shipments. There may be enough heavy hogs in the pipeline to push the kill up a little as producers move some heavier hogs to market.

Best wishes,

dhm