11/13/17 was DOWN -$1.39 and the model projects that the component on yesterday's kill will plunge between -0.60 and -0.90. It looks like traders see this down trend unraveling and they have dropped the ZZZs and GGGs and JJJs this morning and the ZZZs are trading discount to the component by 5.51.

Packers were not able to keep the cutouts up yesterday but had to cave in on the prices a little. A lot of pork is being produced this fall.

Still a little short the ZZZs. Took profits on some short ZZZs too early this morning.

Best wishes,

dhm