9-19-14 was up $0.97. There are a few holes in my data from my computer being down so the projected change in the CME Index component for Friday may not be too good but I will throw it out anyway - - - UP +0.60 to +0.90. If it works out that way, we will have another fairly strong up-trend going.

With their strong bid prices, packers were able to make a solid hog purchase on Friday at 109.9% of the moving average daily purchases. That should help keep the kill this week firm. Last week the kill was down 5.88 from the same week one-year ago. I believe that indicates that hogs are down a bit more than suggested by the last H&P report.

The VVVs settled Friday premium to the CME Index component by +0.63. We are getting close enough to cash settlement for any change in cash to impact the VVVs. With the component on Friday's kill most likely being up, there is a good chance that the VVVs will also be firm. At some point during the day, I would not be surprised to see the VVVs hit 107.50. The hog market has such a bad case of jitters right now that I would hesitate to project a settlement price for the VVVs.

Best wishes,

dhm