9/28/16 was down -$0.86 and the model projects that the component on yesterday's kill will drop between -0.50 and -0.80. We are still in a down trend.

Packers only purchased 87% of the moving average daily purchases. Looking at the lower bids, I don't think packers wanted very many hogs. They are probably wanting to kill as many of their own hogs.

Still mildly short the VVVs.

Best wishes,

dhm

40.86