10/22/15 was down -$0.28 and the model projects that the CME Lean Hog Index component on yesterday's kill will drop between -0.15 and -0.45. Packers did not make a very good purchase yesterday at 83.5% of the moving average daily purchases.

The drop in the ZZZs this morning has opened the "Gap" to nearly ten bucks with the ZZZs discounted to the index. That is quite a "Gap" but you and I both know that once packers get squeezed on their margins, they can drop the index in a hurry.

I have been able to pull off a few spread trades this morning with most of the activity being buying the G/Js. My boat is not nearly loaded yet.

Best wishes,

dhm