10/27/15 was down -0.68 to 72.41. The ZZZs are now trading discount to the component by 11.61. It seems that each time there is a little weakness in the component, the ZZZs tumble by that much or more. The thing that we do know is that the "Gap" closes on 12/14/15. It won't take nearly that long for the packers to get their bids down ten to fifteen points if there is serious weakness in the product.

The six-day moving average carcass weight firmed to 212.82#. That is -1.96# yr/yr. Hogs grow rapidly this time of the year and it is beginning to appear that producers have ample numbers of hogs to bring to market. Now to see if demand holds.

Spreads have been working a little for me today but it may not be enough to keep the wolves away.

Best wishes,

dhm