2/16/15 was down -$0.60 and the model projects that the CME Lean Hog Index component on the kill for 2-16-15 will drop between -0.60 and -0.90 when the 11:00 report comes out. Packers are continuing to hack-away at their bids. It appears to me that packers' margins are adequate right now. I'm sure packers would like to widen them a little.

It looks like the cash settlement index for the GGGs came in at 61.97. Selling all of the long GGGs on a bump-up on Friday turned out to be a right decision. I don't make a lot of money trading the front month during the last week before cash settlement but the Hog Pricing Model is a good enough tool that I generally make a little and seldom lose any.

The data continues to suggest that we are in the expansion phase of the "Hog Cycle". I'm really looking forward to the next H&P report. It should give us the next really important bit of information about the "Hog Cycle/"

Best wishes,

dhm