8/25/15 was UP +0.06. That's not what the model was projecting!

But it's not a terribly big miss.

The CME Lean Hog Index component on yesterday's kill was 78.82. That put an end to the mild down-trend we had going. Perhaps we are going to see the index exhibit a little stability until we get through the holiday. Then I expect it do the historical thing and show some weakness.

The six-day moving average carcass weight was steady at 209.35#. That is -2.92# year/year. Packers hogs were a bit heavier but non-packer hogs were a bit weak but not much. It continues to appear that producers are getting hogs out of their barns just about as fast as they can. I believe they still have a lot of hogs coming on behind the ones they are shipping.

This morning I have been able to make a couple of scalps in the VVVs but mostly I have been loading my boat with short V/Z spreads. It would be a good idea for the spread to now head lower so I can lighten my load a little. My boat can take on a few more but it would be better to take a few off first.

Best wishes,

dhm