due to packer submission problems. From the afternoon reports the model projects that the component on yesterday's kill will drop again. This time it will probably be in the range of -0.20 to -0.50. There was a touch of weakness to the cutouts yesterday. With the ZZZs being at a discount of -4.50 to the component, traders may be a bit reluctant to drive the ZZZs a lot lower today.

Having said that, a point up or a point down is more or less a "Usual" range in the hog market and is not a significant move in terms of the trend. At this point, the trend does seem to be down.

Still a tiny bit short the ZZZs and spread all over the place.

Best wishes,

dhm