9/24/25 was up +1.20 and the model projects the component on yesterday's kill will jump between +1.05 and +1.35. The VVVs are now trading p+in lock-step with the component. It looks like the soaring component is pushing the VVVs upward.

Packers purchased 127.4% of the moving average daily purchases of total hogs and 95.7% on index hogs. Index hogs seem to be in shorter supply than total hogs. I say that because of the lighter purchase and the 6-day moving average carcass weight of Index hogs is nearly a pound lighter than on total hogs.

Still long VVVs and summer futures. Those summer futures are treating me well. I am getting a few scalps but mostly I am just HODLing them.

Best wishes,

dhm