shows packers have 123K fewer hogs scheduled today than they had on this date last week. On a year/year basis it is down 149K or 6.66%. From the last H&P report it would appear that the number should be down about 3.3%. The kill and the scheduled numbers are both pointing to a reduction in the kill rate greater than projected from the H&P report. The heavier carcass weights make up for quite a few of the reduced hogs killed.

If it were not for the help that I am getting from the short Z/G spreads, today would be a very ugly day for me.

Best wishes,

dhm