11/25/16 was up +0.32 to 48.07. The ZZZs are now premium to the component by 3.11. What a change from a deep discount to a premium.

The 6-day moving average carcass weight moved up to 211.71#. That is -2.33# year/year. Producers have been active sellers of hogs. Packer hogs are +3.24# heavier than non-packer hogs. Packer hogs were nearly 1/2# heavier today. It does not appear to me that there is a shortage of hogs that would prompt packers to carry their hogs to heavier weights but maybe the packers sense that hog supplies will tighten or demand will grow.

Best wishes,

dhm