9/26/14 was UP $0.81 and the model projects that the CME Index component on the 9/26/14 kill will scoot up between +0.55 to +0.85. The CME Index has been in a strong up-trend for about two-weeks and the low numbers in the USDA's H&P report 180# and up category makes me think there is some more life left in the up-trend to the index.

With the VVVs settling discounted to the component by 1.35, the dynamics seem to be right for the VVVs to be steady to up mildly but that is not what the early morning quotes are showing on my screen. It seems to be saying LIMIT DOWN!!

If they do go limit down, it may not hold through cash settlement if the USDA's numbers are accurate.

The rest of the hogs are also looking like they will be limit down.ZZZs, JJJs & GGGs are also looking limit down.

It is going to be an interesting day.

Best wishes,

dhm