11/10/15 was down -0.92 to 59.37. The strength of the ZZZs has closed the "Gap" to -3.37. I'm looking at the component being down somewhat less than projected and am wondering if we have now hit bottom and will see a little strength. This I know, I am NOT going into the over-night net short the ZZZs but I do have some short Z/G spreads.

The six-day moving average carcass weight moved up to 213.72#. That is only -1.65# yr/yr and only +2.47# over 2013. Both packers and non-packers are finishing their hogs heavier and packer hogs continue to run about 3.5# heavier than non-packer hogs.

Today has been a fairly good scalping day and have off-loaded quite a few spreads with a few of them being round-trippers on the day.

Best wishes,

dhm