on the kill for 12/6/16 jumped an earth-shaking 1.24!! The model really missed on that one but it did its job of getting me out of the short ZZZs and into long ZZZs so I guess I can't quibble over a half point or so since it had me get long. Traders have responded by taking the ZZZs higher and have them premium to the component by 2.31. The way packers are fighting to see who gets to kill the hogs, that may not be enough. Not wanting to be a hog about this, I took profits on a couple of long ZZZs this morning but also kept some just in case they work higher.

The six-day moving average carcass weight moved higher by a slivver 211.45 with both packer and non-packer hogs being slightly heavier. That is -1.84 year/year. Index hogs are a bit lighter at 211.45#. Packer hogs are heavier by 3.70#.

The last couple of days I have been able to get a bunch of calendar spreads off my boat. It's not riding high in the water yet, but it's sure not about to be swamped either. This has been a big help to my margin.

I sold a couple more of the ZZZ options.

Bestwishes,

dhm