11/15/18 was down -0.49 to 58.86. The ZZZs have now gone premium to the component by +1.16. Limit up may be the next stop for the ZZZs. "The Market" seems to think that the downtrend is now over and packers are going to be chasing hogs now.

The six-day moving average carcass weight firmed to 213.31#. That is +0.10# yr/yr. Index hogs were steady at 212.52# and packer hogs were +2.15# heavier than the non-packer hogs. Packers continued to provide a larger percentage of the kill-mix over the last 6-days than they have provided over the past 200-days. With packer hogs being somewhat heavier, it smacks of packers having expanded their production of hogs. c

Being short the ZZZs was really the wrong way to be today. Maybe I had enough long summer futures to off-set the shorts but wrong is still wrong!

Best wishes,

dhm