8-9-15 was down -0.34 to 72.92. The "Gap" is now closed to -4.15. From an historical standpoint, it possible that the downtrend in the index will continue long enough to close the "Gap" however if the Index does drop that much, chances are quite good that traders will become motivated sellers keeping the VVVs at a discount to the component.

Ka! Ching!! Made a quick trip to the bank on a V/Z spread I sold this morning. Was wanting to sell more but but the bounce was not high enough. My boat is still riding fairly low in the water with short V/Zs.

The 6-day moving average carcass weight was steady at 209.15#. That is -3.57# yr/yr and + 5.13# over 2013. Packer hogs were down about 0.25# and non-packer hogs were up almost that much. Packers may have a few extra hogs to run through the packing plants if they are going to get their weights down a little.

Best wishes,

dhm