10/22/19 was up +0.03 to 65.74. It looks like the ZZZs settled premium to the component by +0.09. Just because the "Gap" has been closed does not mean there will be smooth sailing for the ZZZs from now until cash settlement on 1213/19. There may be plenty of fireworks. I plan to hold a few long ZZZs because we seem to be in the chase for the next seasonality high as well as the next Hog Cycle high, China still has an ASF problem, progress will likely be made on the trade war and Chinese pork is price about three times higher than our pork prices.

The 6-day moving average carcass weight was up to 212.99#. That is +1.42# yr/yr. Index hogs were also a big heavier at 212.5#. Packer hogs are lighter than non-packer hogs by -0.37#. It appears that producers are staying quite current in their shipments.

I am staying long the summer hog futures and piled another NNN pig on my boat today at 91.975. That is a scalper and will dump it if I get a point or so of profits.

Best wishes,

Doc