11/13/14 was down -0.11 to 88.20. The surge in the ZZZs now has the "Gap" opened to 4.48. Over the years the "Gap" is all over the place this time of the year as traders try to project where the supply/demand curves will cross when the ZZZs go to cash settlement.

The six-day moving average carcass weight was at 215.69#. That is only +2.93# yr/yr. The very small gain in the carcass weight
was entirely due to heavier packer hogs. The non-packer hogs were actually down a tad.

The kill this week is coming in down 1.01% from the same week last year. That is not quite where the model is projecting the kill should be based on the numbers in the last H&P report. Looking at the liquidation of heavies that has been going on, there is a chance that the USDA may have over-stated the number of market hogs that producers have.

I didn't like the way the hog market was behaving this morning from the standpoint of having a short scalper in place. I got a chance to turn it in for a Big Mac and decided I better do it. It doesn't take much to make me happy.

Best wishes,

dhm