11/3/17 was down -$0.08 and the model projects that the component on Friday's kill will change between +0.15 and -0.15. That's not much movement. The ZZZs are trading discount to the component by -4.56. Traders are thinking packers are going to be lowering the prices they are paying for hogs. Last week the cutouts gained 1.51 so packers are not being pinched.

Ka!!! Ching!! Made an early morning trip to the bank with the profits from a short J/K calendar spread.

Best wishes,

dhm