10/26/15 was down -0.33 to 73.09 and the weakness in the ZZZs has opened the "Gap" to -11.14 with the ZZZs discounted to the component. That really gives the packers a wide window to hack-away at their bids without putting pressure on "The Market" to drive the ZZZs lower. There seems to be a negative bias in the marketplace so further weakness in the index will probably drive the ZZZs lower, then all of a sudden traders will wake up and say, "The ZZZs are under-valued!"

And then we head up again.

I don't know when that will happen - not soon enough for Dewey and me.

The six-day moving average carcass weight eased to 212.76# and that is-1.91# yrr/yr. Packer hogs were a little lighter but non-packer hogs were a little heavier.

Best wishes,

dhm