11/19/18 was down -0.50 and the model projects the component on yesterday's kill will drop between -0.35 and -0.65. The ZZZs are now trading premium to the component by +1.88. The Z/G spread once again dipped below -8.5 which, in my way of thinking is outside of the fair price range, so I piled a handful on my boat. Now to see if I can lay the off onto soeone else.

Packers bought 94.4% of the moving average daily purchases of total hogs and 90.4% on the index hogs.

Best wishes

Doc