12/18/17 was down -$0.56 and the model projects that the component on yesterday's kill will drop between -0.35 and -0.65. I suppose we could get surprised with a larger than projected drop like we got yesterday. Looking at the way the cutouts are dropping, packers are going to be wanting to decrease their cost of product.

The GGGs are now trading premium to the component by +4.79. Traders are thinking there is a silver lining to the dark cloud that is hanging over the stock market now.

Best wishes,

dhm