9/8/16 was down -0.02 to 64.20. That's not much of a move down but it keeps the downtrend in play and it fits with what the model projected. Traders have beat the VVVs down to a discount of -4.62 to the component. If hogs begin to show up in larger numbers at the packing plants, I suppose packers could ease their bids that much but it will take good hog numbers to make it happen.

The six-day moving average carcass weight firmed to 208.55#. That is -1.29# yr/yr. Index hogs are a bit lighter at 208.12# but they are gaining on the rest of the hogs.

Being short was the way to be today and there may be more down-side on the way. I'm going to go into the weekend short two VVVw.

Best wishes,

dhm