was down -0.15 to 47.91. That puts it just about in lock-step with the ZZZs. The afternoon reports on Friday seemed to show that packers are continuing to bid lower for hogs so there is some risk that the declining index will push the ZZZs a bit lower.

The six-day moving average carcass weight was steady at 211.69#. That is -2.35# year/year. Packer hogs are +3.56# over non-packer hogs and Index hogs are lighter at 210.56#. That was just a little heavier on the Index hogs. I don't know why packers are finishing their hogs out to heavier weights. Is it possible that they have some contractual arrangements to purchase hogs and this is keeping so busy on other hogs that they can't work their hogs in? It does appear that packers have expanded more than the non-packers. One-year ago packer hogs were heavier by 2.61#.

Cut out held up well Friday but for the week they were showing some weakness.

The kill rate continues to surpass that expected based on the last H&P report which seems to suggest that the kill should be about +2.25%. For the past five weeks the kill has been up 6.1% over the same period last year. Total pork production is not up that much because hogs ae coming to market at a lighter weight this year.

I'm still short the ZZZs and GGGs. Being short the ZZZs looks all right in the pre-opening. Short the GGGs not so good.

Best wishes,

dhm