9/23/16 WAS down -$1.21 and the model projects that the component on Friday's kill will drop between -0.65 and -0.95. That is quite a hair cut.

Packers made quite a big purchase with their lower bids - 131.8% of the moving average daily purchases. This suggests to me that producers are anxious sellers of hogs right now.

Still short the VVVs and now ZZZ.

Best wishes,

dhm