8/28/18 was down -0.89 to 46.02 posting another low for this Hog Cycle. Looking at the strength of the down trend, there is nothing I see that suggests we are at the "Trough" yet. The VVVs settled premium to the component by 6.55 so the futures market thinks the Index will head higher shortly and make quite a jump. Looking at the weakness of the cut outs today I don't get the impression that packers are going to be inclined to bid higher until they scare up more demand for all the pork they are producing. The VVVs settled premium to the component by 5.53.

The 6-day moving average carcass weight dipped to 207.93#. That is -0.49# yr/yr. Producers seem to be keeping current in their shipments and it is the packers that are especially current. Packer hogs are running -0.86# lighter than the non-packer hogs.

Today I was busy fishing WITH my Trend Line Reversal system for some suckers that ITZ was throwing back. It was not too bad of a day but I got no help from the summer futures that I am HODLing. I had some orders to sell rallies and buy dips but was not in sync with the price movement of the summer futures.

Best wishes,

dhm