9/27/16 was down -0.08 to 57.59 putting the "Gap" at -5.68 with the VVVs being at a discount. The pace of the down-trend seems to be slowing.

The six-day moving average carcass weight moved up to 208.96#. Packer hogs were about 1/3# pound heavier and non-packer hogs were about unchanged including the index hogs. Packer hogs are now +0.71# heavier than the non-packer hogs. The kill rate is coming in stronger than projeced from the last H&P report. It is possible this is because producers are pulling hogs forward. If that were the case, though, it seems to me that carcass weights would be dipping a little but they are not. In fact they be climbing just a bit.

Today I made a few scalping trades. I was hoping to move some spread trades off my boat but it didn't happen. Maybe tomorrow. It would be nice to get some gone in front of the report Friday.

Best wishes,

dhm