9/26/19 was up - way, WAY UP by +1.29 to 55.96. The VVVs are also up and they are trading premium to the component by +9.29. The model calculates that the component will need to soar by an average of +0.81 per day from now until the VVVs go to cash settlement. That is a mighty tall mountain for the Index to climb with just twelve days of data to get us to cash settlement.

Not once in the last seven years have we seen the index make a run like that this time of the year! With fresh corn and cool weather just around the corner, that seems to me to be a rather tall order.

So I just piled another short VVV pig on my boat at 65.25. That may have been a risky thing to do with the H&P report coming out this afternoon.

The six-day moving average carcass weight firmed to 211.61#. That is +2.39# yr/yr. Index hogs were steady at 211.61#. Packer hogs were lighter than non-packer hogs by -1.23#.

Someone surely knows something that I don't know to be running the VVVs up like crazy today.

But -

"IN THE HOG MARKET YOU CAN ALWAYS EXPECT THE UNEXPECTED" Carl Douglas (aka Long Bear)

Best wishesa,

Doc