11/20/18 was down -0.28 to 57.88. The ZZZs are trading premium to the component by +0.77.

The 6-day moving average carcass weight was steady at 212.92#. That is -0.43# yr/yr. Index hogs were lighter at 211.51#. Packer hogs are heavier than non-packer hogs by +2.54#. Not only are packer hogs heavier but packer hogs are making up a larger percentage of the kill. Over the past 200-days packer hogs made up 34.29% of the kill but for the past 6-days, packer hogs have been 35.% oF the kill. It continues to appear that packers have expanded their production.

I have been i a big better sync with the summer futures today and have scalped a bit. There has also been a bit of favorable moves by the calendar spreads. When the Z/G drops much below -8.10, it seems to be a buying opportunity.

Best wishes,

Doc