10/31/17 was down -$0.14 and the model projects that the component on yesterday's kill will change in the range of -0.05 to +0.25. Packers still have quite a few more expensive hogs purchased and the may be supportive of the index component for another day or so. There does appear to be a "Topping" action taking place. Packers purchased 86.6% of athe moving average daily purchases yesterday so there appetite for hogs will most likely be fairly strong again today. They purchased 86.6% on the index hogs also.

Yesterday I piled a "Ton" of the short G/J spreads on my boat. I would like to get some of them off today but will sell more if the price surge continues.

Ka!! Ching!! Made a quick trip to the bank depositing the profits from a long K/M spread. That thing had been on my boat so long it was getting moldy!

Best wishes,

dhm