9/26/16 was UP +$0.07. That is not much but it may signal a change in direction. The model projects that the component on yesterday's kill will change in the range of +0.05 to -0.25 It appears that packer still have an inventory of cheaper hogs that will keep the component a bit soft for a day or two.

Packers made a solid purchase at 102.1% of the moving average daily purchase.

Revised cash settlement index for the VVVVs: 52.71 with a range of 52.21 to 53.21. This will revise after the 201 report is released.

Have covered most of my short VVVs.

Best wishes,

dhm