12/7/17 was up +$0.04 and the model projects that the component on yesterday's kill will be unchanged to up +0.30. The index seems to be on a very mild up-trend still but it is very weak. The ZZZs settled discount to the component by -1.94. With the index being in a mild uptrend, there is a fair chance that the ZZZs will need to participate in the "Gap" closing dance by adding on a point or two so I am long a few ZZZs. The fact that cutouts held firm yesterday adds a little to my feeling of up-a-little on the ZZZs.

Packers purchases 84.9% of the moving average daily purchases of total hogs and 91.4% of index hogs.

Best wishes,

dhm