8/29/18 was down -0.24 and the model projects the component on yesterday's kill will drop between -0.30 and -0.60. So the search goes on for the "Trough" for this Hog Cycle. The VVVs are trading premium to the component by +5.53 so the market is saying that we hit the "Trough" before the VVVs go to cash settlement.

Packers purchased 90.1% of the moving average daily purchases of total hogs and 95.0% on the Index hogs.

I JUST BOUGHT A Q/V spread to go with the long summer futures that I am HODLing.

Best wishes,

dhm