8/21/17 was down -1.01 to 80.94. Packers are getting on with getting their cost of product down. The VVVs are now trading discount to the component by -16.54. That is still a substantial "Gap".

The 6-day moving average carcass weight eased to 207.32#. That is +0.44@ yr/yr. I was glad to see the carcass weight a bit lower. I am concerned that producers may be getting behind in their shipments. This drop in carcass weights makes me a bit less concerned. Packer hogs were lighter by about 1/2# and non-packer hogs were heavier by about 1/4#. Index hogs were a bit lighter at 207.49#.

I have loaded my boat with calendar spreads this morning mostly buying Feb/April and July/Aug.

Best wishes,

dhm