10/31/16 was down -0.13 to 50.97. With the ZZZs selling off, the "Gap" has been opened to -4.12 with the ZZZs at a discount to the component. I am facinated with the way this model is able to project the change in the CME Index component.

The 6-day moving average carcass weight dropped nearly 1/2# to 211.70# with both packer and non-packer hogs being down about that much. Index hogs were also a little weaker but not as much as the others. The weight is -1.77# year/year. That may mean producers are shipping hogs in a hurry.

Still short te ZZZs and GGGs and breathing a bit more easily.

Best wishes,

dhm