9/25/18 was up +1.81 to 64.64. The VVVs are now trading discount to the component by -2.39. It just doesn't seem right to me that the VVVs should be discounted that much to the component so I am long the VVVs and expecting a bounce to let me unload some long VVVs that i bought on this dip.

The six-day moving average carcass weight was steady at 208.72#. That is -2.15# yr/yr. Producers seem to be quite current in their shipments and it is the producers of Index hogs that are especially current in their shipments. Packer hogs are +1.16# heavier than the non-packer hogs. Packers have really been shipping hogs this week. It appears they were having trouble purchasing hogs so they have been emptying their barns a bit.

I am a bit more long the VVVs and summer futures than I was when the day started. Maybe it is a good idea and maybe it is not.

Best wishes,

dhm