11/28/16 was down -0.12 to 47.95. The ZZZs are now trading premium to the component by +2.75.

The six-day moving average carcass weight was a little lighter at 211.52#. That is now -2.18# year over year. Packer hogs are heavier than non-packer hogs by +3.76#. Index hogs continue to come in lig'hter at 210.14#. I continue to be intrigued by the fact that packers are finishing their hogs to a heavier weight. I believe it is telling us something about the inventory of hogs in producers' barns and I think it is saying there are not as many hogs as we have been thinking so packers are getting geared up to make up the poundage with heavier hogs.

Best wishes,

dhm