12/9/15 was down -0.16 to 56.52. The ZZZs are now trading essentially in lock-step with the index. That is appropriate since there are only three more days of data to get us to cash settlement.

The six-day moving average carcass weight moved up to 214.46# this morning. That down -1.48# yr/yr and only +1.06# over 2013. Packer hogs are only 1.52# heavier than non-packer hogs. In October the packer hogs were nearly 5.0# heavier. My view is that packers have been busy shipping hogs and getting their carcass weights down compared to the non-packers. This may have added to the amount of pork produced the past few weeks.

The hog market is really quiet today. I was able to pile another long K/M spread on my boat at -4.40. That's good bit below Farmer Ed's guideline of "Buy @ 3.00". Over time I find his guideline tends to work all right if you are patient and give the market time to work.

Best wishes,

dhm