10-14-15 was up +$0.04 and the model projects that the component on yesterday's kill will be up between +0.05 and +0.35. The up-trend in the index remains intact and it has opened the "Gap" with the ZZZs to -8.72.

That may be too much of a discount.

I say that because the kill is running below projection from the last H&P report. Also the firm carcass weight may be indicating that producers have some empty pens so they are keeping hogs an extra day or so to add a few pounds. Packers are bringing their hogs to market a third of a pound heavier than they were one year ago. Perhaps being long the ZZZs is not really a stupid idea.

Best wishes,

dhm