11/28/18 was UP +0.32 AND THE model projects the component on yesterday's kill will change in the range of +0.15 to -0.15 and that is to say it will be nearly unchanged. Hogs were moving quite well with packers having purchased 93.3% of the daily moving average of total hogs and 112.6% on the index hogs. Yesterday the ZZZs settled premium to the component by +1.30. Yesterday the cutouts dipped another fifty cents. Since mid-October the cutouts have given-up about fourteen points. There are a lot of hogs coming to market and they are big hogs -especially the packer hogs. My bias is that it is going to be a bit difficult for packers to get all the product they are producing marketed at higher prices so they are not likely to be bidding much higher. But there is an important event occurring down south this weekend. If Pres. Trump and Pres. Xi start to see eye to eye, a billion and a half Chinese could carry off a lot of pork in a hurry so I am a bit cautious on the ZZZs.

Best wishes,

Doc.