shows that packers have 167K fewer hogs lined up than they had on this date one-week ago. It appears that the Veterans' Day kill is going to be on the light side. Compared to one-year ago, the scheduled number is down by 8.46%. It is possible that these numbers are suggesting that the supply of market ready hogs is beginning to dry up a little.

If that is the case, it surely did not show up in the noon reports. The noon reports were not very good reports. Since that is all I had to work with, I plugged them into my Hog Pricing Model anyway. It projects that the Purchase Index for today will be down -$0.83 and the component on today's kill may shed something like -0.50 to -0.80. I plan on clenching a short ZZZ close to my chest with one hand and holding my nose the other over the weekend.

I may be putting too much trust in the Purchase Index pointing me in the right direction. I cashed in all the short ZZZs and GGGs with a little profit so that will cushion the blow a little and the spreads have been trading a little today and that also seems to be helping.

Best wishes,

dhm