9/4/15 was down -0.61 to 74.47. The VVVs are now discounted to the component by -

Ka! Ching!! Just made a quick trip to the bank by getting a short V/Z off my boat. Have quite a few more to unload.

5.86. It doesn't take many down days like we had today in the component to make a serious dent in that "Gap". If the usual historical pattern is followed, most of the "Gap" will close by weakness in the component.

Packers made a solid purchase of hogs in this morning's report but it does represent an extra day. At any rate, producers are seemingly keeping current in their shipments.

Best wishes,

dhm