11/14/19 was up +1.01 to 60.02. The ZZZs are trading premium to the component by +2.56. The model calculates that packers' gross margins are +$59.14/Index hog.

The 6-day moving average carcass weight firmed to 215.68#. That is +2.37# yr/yr. Index hogs were also a bit heavier at 215.30#. Packer hogs are +0.39# heavier than the non-packer hogs.

For the past several weeks it seems to me that hog futures show a lot of weakness on Friday's. That pattern is continuing today. I piled a pair of QQQs onto my boat today and I am now asking myself, "Why did you do that?"

Best wishes,

Doc.