11/19/15 was down -0.55 to 55.25. Traders have driven the ZZZs up to premium to the component by +2.32. What a difference a day or two can make! Thinking this could be one of those days when the shorts begin to be uneasy and send things to limit, I made the decision that we just had a "Hook Bar" and went long the ZZZs at 57.375. So far so good.

The six-day moving average carcass weight firmed to 214.43#. That is -1.20# yr/yr and only +1.71# over 2113. My feeling is that producers are reasonably current in their shipments. Partially why I say that is because packers only purchased 79.9% of the moving average daily purchases and the Purchase Index was nearly unchanged for the to make that purchase.

Best wishes,

dhm