12/5/18 was down -0.07 and the model projects the component on yesterday's kill will change in the range of +0.05 and -0.25. Cutouts were firm yesterday so the ZZZs may have been beat down a little too hard yesterday. Historically there is a fairly strong tendency for the index to show just a touch of strength about the time that the ZZZs go to cash settlement. This morning there has been enough of a bump-up in the Z/G spread for me to start selling but there are a lot more on my boat that I would be more than happy to unload.

Packers purchased 87.2% of the daily moving average of total purchases and 99.5% on the index hogs. Hogs are moving quite well.

Still HODLing a few summer futures and just bought back a July and an August that I sold yesterday.

Best wishes,

Doc.