18-years has dropped an average of 5.58 or 8.6% between 10/15 and 11/15. The most it ever dropped was 16.54 during the disaster of 1998. The most it ever gained was in 2009 following the H1N1 debacle with a gain of 4.41.

For the CME Index to make a 20-point move down, the index will need to drop 18% which is certainly possible.

There are so many moving parts to the hog supply/demand equation that it is difficult to get them all together. I think the bumpy road will continue.

Best wishes,

dhm