9/21/18 soared up by +1.93 and the model projects the component on Friday's kill will jump betwen +1.45 and +1.75. The VVVs are trading premium to the component by +0.49. When the 11:00 report comes out, the VVVs may go discount to the component.

Packers purchased 120.5% of the moving average daily purchases of Total hogs and 120.6% on the Index hogs. Packers were anxious to purchase hogs on Friday. Cutouts held firm on Friday so packers had the wherewith to make the purchases.

Still long summer futures.

Best wishes,

dhm