12/13/17 was down -0.35 to 64.47. The ZZZs are trading discount to the component by -0.45 and 64.47 is going to be 50% of the cash settlement index.

The six-day moving average carcass weight eased to 214.74#. That is +3.27# year over year. I don't believe this increase in carcass weights is an indication that producers have fallen behind in their shipments rather I think it is probably a continuation of the trend toward killing hogs at heavier weights. Packer hogs are heavier than non-packer hogs by 1.26#.

I have really loaded my boat with long N/Q spreads. Today I was able to get one off at my profit target. I have a bunch more to go.

Best wishes,

dhm