8/16/17 was down $-0.75 and the model projects that the component on yesterday's kill will drop between -0.35 and -0.65. The sell off this morning has opened the "Gap" to -16.74 with the VVVs at a discount to the component.

Packers were able to purchase 101.4% of the moving average daily purchases of index hogs and 94.0% of total hogs with their lower bids yesterday.

I'm on the wrong side with long VVVs and not very comfortable watching the "Gap" getting wider and wider.

Best wishes,

dhm