9/18/17 was down -0.66 and the model projects that the component on yesterday's kill will plunge again. This time something like -0.70 to -1.00. With their lower bids, packers purchased 79.9% of the moving average of daily purchases of total hogs and 81.6% of the index hogs. Perhaps packers have adequate hogs purchased and didn't need/want a large number yesterday. My guess is that when traders see the continued weakness in the component today, they will back the VVVs and possibly the ZZZs down a little.

Still short the VVVs and ZZZs.

Best wishes,

dhm