10-20-14 was down -$1.18 and the model projects that the component on the 10-20-14 kill will shed between -0.80 and -1.10. The downtrend is still intact and not showing any signs of easing up.

The ZZZs settled at a discount of 16.82 to the index component. That is a significantly bigger discount that is normally seen but this is a year the likes of which we have never seen in the hog market.

I now have a pair of short ZZZs piled on top of a few short Z/G spreads. Wo is me if the ZZZs get back to 97.00 like ITZ thinks they might.

Best wishes,

dhm