11/19/18 was only down -0.11 to 58.16. The ZZZs are trading premium to the component by +0.96. Which is just about lock-step. Going forward, it would appear that the ZZZs will be keying-off the component to a large degree. I was able to take profits on all the Z/G spreads that I bought this morning. When the J/Ks dipped to -5.075 I piled a few on my boat. I don't feel as good about that trade as I did about the long Z/Gs.

The 6-day moving average carcass weight eased to 212.97#. That is -0.15# yr/yr. Packer hogs are heavier than the non-packer hogs by +2.59#. Index hogs are a bit lighter at 211.63#. Packers continue to provide a higher than usual percentage of hogs to the kill mix. This makes me think packers have expanded production and continue to vertically integrate their operations.

It appears that I have been being too timid about buying the summer futures when they dip so I bought an M and an N on the dip today. Tomorrow may be a moment of truth on that one.

Best wishes,'

Doc