11/3/16 was down -$0.24 and the model projects that the component on yesterday's kill will drop between -0.05 to -0.35. With these lower bids packers purchased 83% of the moving average daily purchases.

The ZZZs settled discount to the component by -4.26. My view is that packers can close that if product begins to back up.

I'm still short ZZZs and GGGs. It's not unusual for the CME Index to dip as we move toward Thanksgiving so I will stay the course.

Best wishes,

dhmn