10-28-16 was down 0.36 to 51.09. That drop, when added to the jump by the ZZZs today, has closed the "Gap" to -3.44 with the ZZZs at a discount. With packers continuing to bid lower, it just might be that traders have pushed the ZZZs a mite high. But it could be wishful thinking on my part since I am short the ZZZs.

The 6-day moving average carcass weight came in at 212.12# this morning. That is almost exactly unchanged and it is -1.39# year/year. Packer hogs are +2.09# over non-packer hogs and index hogs are lighter as usual at 210.60#. It just might be that producers of index hogs are more current in their shipments than the rest of the producers.

I just don't see where traders are coming from to have the ZZZs up a point today so I am clinging to my short ZZZs. How about you, Dewey? It looks like ITZ has a small basket of fish this morning.

Best wishes,

dhm