8/4/16 was down -$0.24 and the model projects that the CME LEAN HOG INDEX COMPONENT will drop between -0.30 and -0.60. There is little indication that the down-trend in the Purchase Index and the CME Index is beginning to stabilize although the cutouts did make a small "Blip" up yesterday and carcass weights continue to be quite a bit below year ago levels.

I'm still short a few VVVs.

Brazil has now been cleared to export beef to the US although no plants have yet been cleared to export beef.

Best wishes,

dhm