8/31/16 was down -0.42 and that cut the component to 65.54. The VVVs are only at a discount of -2.57 to the component, Considering the consistency with which packers have been cutting their bids, that's not much of a "Gap" with 30-trading-days of life left in the VVVs and cool weather and fresh corn just around the corner.

The 6-day moving average carcass weight firmed to 207.85# this morning. That is only -1.06# year/year. Lighter carcasses this year than last year has kept pork production down closer to last year's level. If that year over year weight differential goes away, the pork production relative to last year may creep up a little. The weight of Index hogs eased a little to 206.68#. Both packer and non-packer hogs were heavier but packer hogs gained more. Packer hogs are now heavier by +0.72#.

I weathered the fire-storm of short stop running this morning but just barely. Now to see if "The Market" makes another run at me this afternoon.

Best wishes,

dhm