11/6/17 was down -0.38 to 68.44. The ZZZs are now trading discount to the component by -4.67.

The six-day moving average carcass weight eased to 211.99#. That is +0.64# yr/yr. Packers may now be wanting heavier hogs but the fact remains that heavier hogs mean more pork. Packer hogs are +1.26# heavier than non-packer hogs. The percentage of packer hogs in the kill mix continues to suggest that packers are now producing a higher percentage of the hogs.

Calendar spreads are quiet today. I have been testing the ZZZs from the short side this morning. So far I'm not being beat up too badly.

Best wishes,

dhm