because the USDA has not posted the morning reports. From the Friday afternoon reports the model projected that the component on Friday's kill will be quite strongly up but the morning reports give a much more accurate projection about the magnitude of the change. With a "Gap" of 1.82, it appears traders are well aware of the strong up-trend in he component. This up-trend may be strong enough to push the ZZZs higher but I'm starting to question the wisdom of going settlement with some long ZZZs. At the same time I don't want to go to cash settlement short the ZZZs.

I'm still long the ZZZs but have orders working to take profits and get flat.

Best wishes,

Doc