10/17/17 soared by +1.39 to 62.91!! The model missed on this one; it had the direction right but missed on the magnitude. The "Gap" has now closed to +0.32 with the ZZZs only slightly premium to the component.

The 6/day moving average carcass weight was steady at 210.51#. That is -0.10# year/year. Index hogs were also steady at 209.74#. Producers of Index hogs may be even more current in their shipments than other producers. Packer hogs are +0.54# over non-packer hogs. I'm not sure the significance of heavier packer hogs but I'm suspecting it may man they are wanting the pork.

Spreads are fairly active again today. Yesterday was wild.

Best wishes,

dhm