9/6/16 was a lot weaker than the model projected being down -0.70 to 64.11. The strength in the VVVs has closed the "Gap" this morning to -3.61 with the VVVVs being at a discount to the component. Traders still think packers are going to be cutting their bid prices.

Packers had a bunch of less expensive hogs that they killed yesterday that surprised me a little.

The 6-day moving average carcass weight was a little soft at 207.80#.

Best wishes,

dhm