10/20/16 was down-$0.62. The model projects that the component on yesterday's kill will drop between -0.10 and -0.40. It looks like the down-trend has now resumed. Packers have some hogs they have paid a little more for lately so this may firm the component a bit today and/or tomorrow.

Packers purchased 80.4%of the moving average daily purchases.

The "Gap" of -11.56 could trigger a short covering rally but I won't try to second guess it.

Still short ZZZs and GGGs.

Best wishes,

dhm