9/29/17 was down -0.41 and the model projects that the component on Friday's kill will continue the down trend with a drop of something like -0.40 to -0.70.

Producers seemed to have been motivated sellers selling 134.8% of the moving average daily sales of total hogs and 129.9% of the moving average sales of Index hogs. Having made very large purchases like this Friday, is it possible that packers are fairly will "Fixed" for hogs and can bid lower again today? Perhaps the noon reports will give us a clue.

Pre-opening says the VVVs are headed higher. The settled premium to the component by 0.91 Friday. By the time the 201 report comes out we may see the VVVs premium to the component by two points or more.

Best wishes,

dhm