11/9/18 was down -1.04 and the model projects that the component on Friday's kill will drop between -0.55 and -0.85. The ZZZs are trading discount to the component by -5.33.

Packers really purchased hogs Friday - 143.1% of the moving average purchases on total hogs and 129.5% on the index hogs.

Took some profits on some of the long MMMs and am now in the chase to reload my boat if they dip. Clinging to a few short ZZZs. Earlier in the day they were making me squirm a bit but not so bad now.

Best wishes,

dhm