any traction, it doesn't look like packers have any elbow room to up their bids. Looking at the continuing decline in the Purchase Index makes me think that we have at least two to three more down-days for the CME Lean Hog Index. That may be enough to cause traders to take a little more off the ZZZs.

Yesterday I decided to cling onto a couple of the short ZZZs scalpers I had added during the day. From the afternoon reports the model projects that the component on the 11-6-14 kill will be down between -0.30 and -0.60. That may be enough to keep the ZZZs from running away to the up-side but I didn't like the strong settle very much.

Best wishes,

dhm