11-3-14 was down-$0.30. The model projects that the CME Index component on the 11-3-14 kill will drop between -0.35 and -0.65.

The USDA reported that packers purchased 869K hogs. That is 96% of the moving average daily purchases - just an average number.

The strength of the ZZZs this morning has essentially closed the gap so a large gap is not going to add confusion but the uncertainty about the number of hogs in producers' barns will.

As I look at the flattening of the down trend packers have been bidding for hogs, I can't help but wonder if we are seeing a bottoming out.

Best wishes,

dhm