10/10/16 was down -0.09 to 52.76. The "Gap" has now closed to -1.47 with the VVVs at a discount.

The six-day moving average carcass weight eased to 210.82# today. Both packer and non-packer hogs were lighter. That is -0.33# yr/yr. Index hogs continue to be lighter at 209.36#. The high kill rate of the past few weeks may have pulled hogs forward a little. I was a bit surprised this morning to see the Purchase Index turn positive. This may be setting the stage for a mild bump in the Index in front of the VVVs going to cash settlement.

Yesterday scalping of the VVVs was great for me. Today is just so-so. I have one long still in place and am waiting to see if we get a bounce so I can take it to the bank.

Best wishes,

dhm