the noon reports it appears that packers have stopped cutting their bids and are holding the price of hogs steady for now. There is a good chance that the component on today's kill will be nearly unchanged. With the VVVs trading at a fair sized discount to the component, there may not be a lot more downward pressure on the VVVs if the cutouts can continue to show a little firmness like they did yesterday.

Best wishes,

dhm