worried that the the amount of pork that will be produced for several months is going to over-whelm demand and cause weakness in the hog market during the winter. In addition producers may be concerned about the supply/demand ratio and they are selling futures to hedge their production.

ITZ says the bears get Thanksgiving and the bulls get Christmas. If that is the case, a bottom may not be too far off. I know the component on yesterday's kill did not drop nearly as much as the model projected. I have several short Z/G spreads so I think the GGGs are under-priced relative to the ZZZs.

Best wishes,

dhm