10/20/17 was up +0.92 to 65.61. As I eye-ball the numbers, that looks too high but I rechecked my in-put data and that is all correct so I have to believe the projection is correct.
That puts the ZZZs at a discount of -1.46 to the component. This far from cash settlement doesn't mean much but it does show that packers are willing to shell out a little bit more money to get hogs. Packer hogs made up 36.77% of the kill on Friday. That is quite a bit higher than usual and the packer hogs were heavier than non-packer hogs by +1.03#. I have been noticing that packer hogs are getting heavier and have been thinking it was because packers are wanting more pork.

The six-day moving average carcass weight moved up to 211.10#. That is -0.58# year over year. It appears that producers' are keeping current in their shipments and packers are pulling in the hogs as rapidly as they finish. That doesn't strike me as being very bearish so I have decided to carry the long ZZZs over-night.

Calendar spreads have been coming and going at a decent clip today.

Best wishes,

dhm