11/25/19 was up +1.09 to 58.61. The ZZZs are now trading premium to the component by +2.24. If the kill rate does in fact slow down as projected from the last H&P Report, the seasonality low is most likely posted and we are now in a long, drawn-out search for the next seasonality high. It has a tendency to show up about the time the NNNs go to cash settlement.

The 6-day moving average carcass weight eased to 215.16#. That is +1.92# yr/yr. Packer hogs are +0.74# heavier than the non-packer hogs. The weight of Index hogs was steady.

The calendar spreads are really tame today but I did pile another long K/M spread on at -5.40 and will add another if they go on down to -5.60.

Best wishes,

Doc.