Thursday 10/27 was down -0.60 to 51.45. The surge in the ZZZs just before the close on Friday closed the "Gap to -4.85 with the ZZZs being at a discount.

Packers had a big kill again last week up 6.52% over the same week last year. Over the past four weeks the kill has been +4.93% over the same period last year. Either producers are pulling hogs forward in a hurry or else they have lots of hogs in their barns. The firming 6-day moving average carcass weight may be pointing to lots of hogs but it is not clear yet.

Still short the ZZZs and GGGs and being punished by "THe Market"!

Best wishes,

dhm