12/8/16 was up 1.14 to 54.91. The ZZZs settled premium to the component by 1.82. This has been some bull run for the ZZZs. Looking at the afternoon reports, it just might b that packers are about to slow up on their higher and higher bids. For that matter the ZZZs are just about to the end of their trail, also. It will then be a month or six-weeks before the model will be much good in trading the GGGs.

The six-day moving average carcass weight was firm today at 212.20#. That is -1.82# year/year. Packer hogs were a bit heavier and non-packer hogs were down a little. Index hogs continue to be lighter at 211.19#.

I'm still long the ZZZs and may go to cash settlement with a handful or so.

Spread trades continued to be very, very active again today. I suppose it is the Goldman Roll that is causing the excitement amongst the spread traders. Whatever it is, it has really facilitated the loading and unloading of my boat. Yesterday the unloading was predominate. Today it was pile-on day.

Best wishes,

dhm