10/12/15 was up +0.06 to 74.89. That was not quite as much as the model was projecting but it was in the right direction. The "Gap" between the VVVs and the index has now essentially evaporated and it was the VVVs that closed it by moving higher. This tendency for the index to move up after the post-Labor Day decline is one of the stronger historical trends I have observed in the hog market.

The kill rate last week and so far this week is somewhat less than I had projected from the last H&P report. Perhaps there are fewer hogs than the USDA reported. The 6-day moving average carcass weight eased to 214.31#. I will be watching to see if it begins to appear that producers are moving hogs forward to meet packers need for hogs. Since 9/15/15 packers have driven the index up 3.91. They don't do things like that if hogs are in plentiful supply!

I think ITZ has had a day of pure joy fishing in the hog pond. Spreading has been very active for me and I have mostly been loading my boat. I hope the weather is good and I can get them across the pond without swamping my boat.

Best wishes,

dhm

t