10/25/17 was +0.88 to 68.70 and that is right in line with what my Hog Pricing Model was projecting. The "Gap" has now opened to -4.33 with the ZZZs being at a discount to the component. Traders appear to be taking note of this and are pumping the ZZZs up a little today. I was able to take profits on one of the long ZZZ pigs I have be riding. Still have a couple that I could bank.

The 6-day moving average carcass weight firmed to 211.23#. That is -0.50# year over year. Index hogs were also a bit heavier at 210.9#. We may be getting some faster fall finishing now. Producers still seem to be quite current in their shipments. Packer hogs are +1.24# heavier than the non-packer hogs. Packers may be looking to increase efficiency by shipping heavier hogs.

Have taken profits on three long K/M spreads this morning. Sometimes the K/M spread takes a lot of patience to get to the profit objective.

Best wishes,

dhm