8/24/17 was down -1.43 to 47.21. The VVVs are now trading premium to the component +6.74. The component was much weaker than anticipated and the VVVs are near limit up! We now have a new low for this Hog Cycle but I see nothing to suggest we are at the "Trough" even though the futures market says we will see it before the VVVs go to cash settlement.

The six-day moving average carcass weight firmed to 209.49#. That is +0.07# year over year. Packer hogs are lighter than non-packer hogs by -1.02#. Index hogs were a bit heavier also at 208.61#.

The percentage of packer hogs in the kill mix was up. Packers are continuing to market their hogs at a brisk clip suggesting they are not nearly as bullish as the futures market.

I am still HODLing all of the summer futures. At this point I don't dare sell any of them and I'm afraid to buy more. And so I HODL.

Best wishes,

dhm