Let me add just a few more tips on using punch bait.
1: If you feel a need to thin it, I would use a few drops of vegitable oil instead of water. But, I highly recommend you do neither. I know it is a pain, but folks, you gotta buy your punch bait at least six months ahead of the time of when you want to use it (I buy mine at least a year ahead of time.), then you gotta work that bait. When they mix this stuff, it's just old dry chunks of cheese. And, Danny puts tallow in his punch bait, which can also be dry.
Set the stuff out in the sun all day, then take a real strong punch stick and stir hound out of it. Then repeat the process a few more time. Do not leave your bait bucket setting in the sun all the time. Just for a day when you want to do the stirring. You will know when the consistancy gets right. The stuff will get darker, and more the consistancy of putty.
When the really warm days finally arrive, you will be so thankful you did not add anything to thin your bait. I keep at least two buckets of punch bait setting on ice in the fish box when I am fishing. More if I have several folks with me. The darn stuff will get to the consistancy of pancake batter when it gets hot. You will be wishing you could thicken it.
Finally, if you are using punch bait that is so weak smelling you can use your hands to make a bait ball around your hook.....You either lost all sense of smell, or you need to change brands of punch bait. Oh man!!
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Mike www.WhiskerKitty.com