10/31/16 was up +$0.43 and the model projects that the CME component on yesterday's kill will change in the range of +0.20 to -0.10. It appears that packers still have an inventory of cheaper hogs that will hold the move up in check a bit.

Packers made a good purchase at 93.8% of the moving average daily purchases but the had to bid higher to get the hogs.

Have producers pulled hogs forward in a substantial way? I can't tell but a lot of hogs were killed yesterday.

Still short the ZZZs and GGGs and still wrong.

Best wishes,

dhm