11-26-14 was down -$0.79 and the model projects that the component on the 11-26-14 kill will drop between -0.10 and -0.45.

With packers' margins thin, the kill rate running higher than projected, and the ZZZs trading premium to the index by 1.70, there seems to be little reason to be bidding the ZZZs a lot higher since there are only 10 more trading days after today. Packers may be thinking the same thing and that is why they were bidding lower Wednesday.

The ZZZs have gone premium to the GGGs by somewhat more than I was expecting. The Z/G bear spreads have really treated me well since June. Maybe it is time to cut them loose and look for something else.

With this being the last day of the month and a short day at that, I may just mostly coast through today.

Best wishes,

dhm