2/11/15 was down -0.85 to 63.48. The discount of the GGGs to the component has now closed to -1.68. The model projects that the cash settlement price for the GGGs will be 60.93 with a range of 61.43 to 62.43. I clinging to the long GGGs I have and willing to buy more in the unlikely event there is much of a dip. There are only two more days of data to get us to cash settlement.

Once again, the Hog Pricing Model has been a handy little tool in helping me stay on the correct side of the GGGs as we move to cash settlement. Not that I have really made a killing, but I have paid the rent.

The six-day moving average carcass weight has eased to 215.58#. That is still +2.18# yr/yr. Producers are still putting heavy hogs to market. Packer hogs did not dip as much in weight as the non-packer hogs. The percentage of packer hogs in the kill-mix is still running a bit higher than usual.

I did buy a couple of JJJs and MMMs, Dewey. I hope I don't have to give you too much of my margin today but I would rather have you get it than some pit shark!

Best wishes,

dhm