11/9/15 WAS DOWN -$1.37 and the model projects that the component on yesterday's kill will drop between -1.30 and -1.60. The down trend continues.

Packers made a fair purchase yesterday at 94% of the moving average purchases. They may not have needed as many yesterday following the strong purchase they made on Friday.

Cutouts showed a little strength yesterday so a bottom may be just around the corner.

Two spreads were off-loaded from my boat this morning. Plenty more to go but still have a little space for a few more if the market cooperates.

Best wishes,

dhm