down -0.51 to 65.34. The ZZZs settled premium to the component by +2.49. Cutouts on Monday were up +1.50 and the model calculates that packers' gross margins on index hogs was up at $28.24/hog.

The 6-day moving average carcass weight firmed to 213.13#. That is +1.38# yr/yr. This is the time of the year when fresh corn and cool weather combines to finish hogs at a rapid clip. Packers are continuing to ship about 40% of the daily kill. One year ago they were shipping about 35%.

It continues to appear the seasonality low for this year was posted on 9/24/19 at 54.67. Generally the seasonality high gets posted about the first of July. We may be in for a long, drawn out chase to get to the seasonality high this time around and the next Hog Cycle high could be pushed forward to a year later.

Best wishes,

Doc .