11/10/14 was UP $0.40 and the model projects that the CME Lean Hog Index component on the 11/10/14 kill will be in the range of +0.15 to -0.15. In other words it will be nearly unchanged.

I was a bit surprised that packers were bidding a bit higher yesterday with cut outs being weak, carcass weights being up, the kill rate being seemingly adequate and the scheduled number being up a bit from last week. Packers know their business a lot better than I so if they were paying up a little yesterday, that's all right with me but it does dampen my bearishness just a little but not enough to cause me to dump the Dec 92/90 bear put spreads I have bought.

I did decide to take some profits on the short ZZZs though.

Best wishes,

dhm