8/22/16 was down -0.08 and the model projects that the change in the component on the 8/22/16 kill will fall in the range of up 0.05 to down -0.25. Yesterday packers purchased 101.7% of the moving average daily purchases.

I did not get it posted yesterday, but the component on Friday's kill was down -0.12 to 66.97. The VVVs settled last night discounted to the component by -5.82. Packers can take that much off their bid prices in the amount of time remaining until the VVVs expire. Cutouts showed a little strength yesterday so that may help a little.

I'm flat the VVVs but have plenty of spreads.

Best wishes,

dhm