problems - - -", thus goeth the broken record and no morning report data.

From the afternoon reports yesterday the model projects that the Purchase Index will be down -$1.23 and the component on yesterday's kill will drop between -0.95 and -1.25. One thing seems to be clear - hogs are still trending lower at a rapid clip. The "Gap" settled yesterday at -11.50 with the VVVs at a discount to the component. The model calculates that the component will need to shed an average of -0.40 to "Gap". That's a lot more hacking away at packers' bids.

Yesterday I added two more short VVVs. So far it is turning out to have been the correct thing to have done. It may be a different story any minute now.

Best wishes,

dhm