9/20/16 was down more than the model projected. It was actually down -0.55 at 60.71. That puts the VVVs at a discount of -5.80 to the component. That is quite a discount but a lot of "Gap" gets closed with daily dumps of a half-point or more.

The six-day moving average carcass weight firmed to 209.88#. That is only -0.51# yr/yr. Index hogs were steady at 208.93#, Packer hogs were up a tiny bit but non-packer hogs gained a fair amount. Packer hogs are now lighter than the non-packer hogs by -0.39#. It just might be that the reason packer hogs are getting lighter relative to the non packer hogs is because packers are opting to kill their owned hogs rather than purchase hogs. If they feel that hogs are going to get cheaper, ship your own now and buy hogs later when you can get them at a cheaper price. Makes perfect sense to me but it sure hits the poor old producer with a whammy!!

Just covered another short VVV pig. If we get a little pop, I will replace it with another short. I still have a handful of short VVVs.

Hope you like what you are seeing, Dewey!

Best wishes,

dhm