11/13/17 was down -0.33 to 66.49. The ZZZs are trading discount to the component by-5.06. There is nearly a month of life left in the ZZZs and a lot can happen in a that much time. The down trend is so powerful that I am choosing to hand-onto the short ZZZs. The "Gap" is wide enough to be somewhat supportive of the ZZZs, however.

The 6-day moving average carcass weight eased to 212.56#. That is +1.00# yr/yr. Index hogs were also a bit lighter at 212.58#. I doubt that the lower carcass weights mean much. Just the normal variation in hog weights on that day. Packers are continuing to finish their hogs a bit heavier by +0.84# on yesterday's kill.

Was able to buy some G/J spreads this morning and close out some short G/J calendar spreads. I'm spread all over the place and my boat is well laden down but still has room to take on some more long K/Ms or Q/Vs.

Best wishes,

dhm