11/15/16 was down -0.50 to 48.06. That drop along with the surge in the ZZZs has put the ZZZs over the component by +0.15. Like I said this morning, the "Gap" is so small now it can close in a hurry. The fact remains that packers have the component in a down-trend and there is a good chance that the declining Index will push the ZZZs back down a bit.

The 6-day moving average carcass weight was steady this morning at 211.59#. That is -2.49# yr/yr. Packer hogs are heavier than non-packer hogs by 3.64#. It looks like packers have been so busy killing non-packer hogs that their hogs have been backed-up. Index hogs are lighter at 210.53#.

As I look at the market behavior today, Dewey, my bet is that ITZ has more "Fish" than he has been able to put into his basket. I never was a good fishermasn.

If this surge today was traders gunning stops, I will be all right tomorrow because I sell some ZZZs. If there is a fundamental change that I have missed, I may have to cough up all the margin help I got the past couple of days.

Best wishes,

dhm