9/12/18 was up +1.28 and the model projects the component on yesterday's kill will climb between +0.80 and +1.10. The VVVs are now trading premium to the component by +6.33. The model calculates that the component will need to move up +0.28 per day for the next 22-days to close that "Gap". If export demand surfaces a bit, that could easily happen.

Packers purchased only 74.2% of the moving average daily purchases of total hogs and 83.4% on the Index hogs.

Still HODLing summer hogs and making a few scalps in and out from time to time. Today it was an Aug.

Had a bunch of Ka!! Chings!! as I covered some short M/N spreads and a sold a long V/V spread. Still have quite a few long Q/Vs

Best wishes,

dhm