10/20/15 was down -0.11 to 74.26. This has closed the "Gap" to -6.21 with the ZZZs being discounted to the index. That is still a significant "Gap" but there is a lot of time from now until we get to cash settlement.

The six-day moving average carcass weight moved up to 211.73#. That is -2.75# yr/yr. This is the time of the year when hogs gain very rapidly and that may explain the increase in carcass weights.

Or producers may have a few empty pens and they are holding there hogs back a little to add a little extra poundage. The lower than expected kill rate has causing me to have questions about the supply of hogs.

I just bought a pair of ZZZs on this dip.

Best wishes,

dhm