10/11/16 was unchanged. That does not happen very often. The modell projects that the component on yesterday's kill will change in the range of +0.10 to down 0.20. Packers still have quite an inventory of cheaper hogs so the component may be under pressure for a couple of days then it may head higher.

Packers only purchased 81.2% of the moving average daily purchases yesterday so they may keep their bids fairly firm again today.

There may have been some liquidation of market hogs the past few weeks causing the high kill rate. That could set the stage for some price stability for a few days.

I have calendar spreads all over the place but no outright positions.'

Best wishes,

dhm