10/24/14 was down -1.80 to 97.56. The actual amount the component shed was a bit more than projected but close enough to make the model a viable trading tool. The down trend is still in place and the way cut outs are behaving, it may stay in place for a bit longer. On average over the past 18-years there has been a mild tendency for the Index to dip a point or two between now and Dec. 1st at which point there is a tendency for a small bounce.

The six-day moving average carcass weight came in at 214.98#. It was both packer and non-packer hogs that were heavier. That being the case, I don't think it tells us much other than hogs are growing very well on fresh corn and cool weather.

Still a little short on the ZZZs but have been in and out quite a few times today.

Best wishes,

dhm