11/7/16 was ddown 0.14 to 50.05. The ZZZs are trading discount to the component by -2.75. That is no longer much of a ""Gap".

The six-day moving average carcass weight eased to 211.17#. That is -2.35# yr/yr. Packer hogs were nearly unchanged but non-packer hogs were lighter by nearly 3/4#. Packer hogs are +3.86# over non-packer hogs. Packers continue to finish their hogs much heavier. Index hogs are lighter at 210.4#.

This morning I have sold some ZZZs on rallies and covered them on dips and made some pocket change. Still holding short ZZZs and GGGs, Dewey. I would be in a world of hurt if it were not for the T-Bond premium I am collecting from selling Bond options.

Best wishes,

dhm