8/18/16 was down -$0.20 and the model projects that the component on yesterday's kill will drop between -0.15 and -0.45. Packers have been killing more expensive hogs and that has bumped the index up the past couple of days. The data suggests that they still have some cheaper hogs yet to kill so we may see a little softness in the component today.

Packers purchased 87.1% of the moving average daily purchases yesterday.

Still flat the VVVs but will be looking for set ups to scalp from the long or the short side.

Best wishes,

dhm