11/18/15 was down -$0.41 and the model projects that the component on yesterday's kill will drop between -0.45 to -0.75. This down-trend just keeps going and going and going. I keep looking for the least clue that the bottom is in - - - and I find nothing! Packers made an only fair purchase yesterday at 82.9% of the moving average daily purchases. This is the second day of modest purchases.

So far this week the kill is running below projection. But lately we have been seeing huge Saturday kills that have pushed the kill for the week up. The 6-day moving average carcass weight is holding firm. Maybe producers still have pens full of market ready hogs waiting in line to hit the packing plants.

It was good to see the cutouts stabilize yesterday. It is going to take a holiday buying surge by the consumer to put and end to this down trend.

The Z/G spread showed a little strength this morning so I sold another one. That's all the room I have on my boat for them and have to get a couple off before I can add more but I am wanting to load a couple more long M/N spreads if they "Pop" a little.

Best wishes,

dhm