9/2/16 was down -$0.75 and the model projects that the component on the 9/2/16 kill will fall between -0.35 and -0.65. This down-trend is still in play.

With their lower bids packers made a solid purchase at 129.6% of the moving average daily purchases. It appears that producers are willing sellers. With the holiday behind us, unless exports pick up, the demand picture does not look very promising. Cutouts dipped again on Friday.

I'm still short the VVVs but did hustle off to the bank with part of my load on Friday.

If we get a "Pop" up today, I will re-load my boat a little but it is looking like "Down" may be the order of the day in the beginning.

Best wishes,

dhm