9/22/17 was down -1.24 to 57.19. The VVVs are trading discount to the component by -1.03 so for practical purposes there is no "Gap". The component has dropped an average of 93.9 cents per day for the 28-days without a single UP day. That is really a bitter pill for producers to have to swallow.

The 6-day moving average carcass weight moved up to 211.16#. That is +1.00# yr/yr. Both packer and non-packer hogs were about 1/4# heavier. Index hogs were up at 210.38#. Hogs seem to be finishing quite quickly now.

Even though the kill last week was very large at 2.501 million head, the model projects it should have been 2.229 million to match up with the last H&P report. There may have been more hogs finished last week than were processed thus the log-jam may have become worse.

Still short the VVVs and ZZZs and trying to scalp from the short side with ZERO success so far with time running out on the day.

Best wishes,

dhm