was steady @ 214.09#. That is 9.70# heavier year/year.

On average packer hogs constitute about 1/3 of the daily kill. On Friday the percentage dropped to 28.49% and the 6-day moving average weight of packer hogs scooted up while the weight of non-packer hogs declined again. This may mean that packers raided their barns to meet the holiday trade and they are now holding their hogs to add more weight as the post-holiday demand decline clicks in. If this demand decline amounts to much, we will see some weakness in packers bids. That is what we usually see this time of the year.

That is definitely not what "The Market" expects - it has pumped the NNNs up premium to the Index by more than five points with only 10-days to expiry.

I'm not very short the NNNs but I do have a couple of shorts and have successfully pulled-off of couple of NNN scalps.

Best wishes,

dhm