11/27/19 was DOWN -1.46. The model projects the component on Wednesday's kill will drop between -0.50 and -0.80. Packers took steps Wednesday afternoon to protect their margins by lowering their cost of pork. I was expecting the ZZZs to exhibit more weakness today than the +0.325 we are currently seeing.

Their purchases were fairly light at 85.0% of the moving average daily purchases of total hogs and 96.4% on the Index hogs.

I piled a pair of short Z/G spreads on my boat this morning and was surprised to get my profit target within a matter of minutes.

Best wishes,

Doc