12/5/16 was up +0.74 and the model projects that the component on yesterday's kill will creep up between +0.30 and +0.60. Demand seems to be robust at these lower prices.

The ZZZs are now trading premium to the component by 1.39. Traders seem to think thi up-trend is going to hold for a few more days. I went ahead and sold a pair of naked Dec 51 puts at +0.30. This is the first time in a long time that I have ventured into hog options. Now to see if the market punishes me.

Best wishes,

dhm