11/4/15 was down even more than the model projected with a drop of -1.66. I was quite sure today would be weak when we didn't get as much taken off yesterday as the model projected. I felt that meant packers had a bunch of cheap hogs lined up and when they came through the packing plants there would be a bigger drop. At 65.58, the component is over the ZZZs by +7.53. Traders appear to be closing the "Gap" a little. They need to as we move toward the one-month-to-cash-settlement time frame.

The six-day moving average carcass weight firmed to 213.38#. That is -2.06# yr/yr. It is also +3.11# over 2013 so I guess the 210# to 220# range is the new normal. Non-packer hogs gained more in weight than the packer hogs.

Scalping has been quite good for me the past two days. Yesterday was more to my liking than today but today is all right. The market action has been here today. I just wasn't in sync with it as well today.

This morning I was able to take profits on two long G/J spreads. I have quite a few more that are available at a few tics higher.

Best wishes,

dhm