9/26/18 was up 1.36 to 66.01. The VVVs are now trading discount to the component by -4.67. The VVVs surprised me today. With the component being strong as well as the Purchase Index, I was expecting more support. I kept buying VVVs as they sold off and have been able to get rid of all the ones I bought with paper thin profits. The summer futures are beating me I today. I bought some more of them also. I may be getting myself into big trouble.

The 6-day moving average carcass weight firmed to 208.92#. That is down -2.09# yr/yr. It seems to me this may suggest that producers are very current in their shipments. Packer hogs are +1.11# heavier than the non-packer. Not long ago packer hogs were ++2.35# heavier than the non-packer hogs. In the last few days packers have been shipping quite numbers of their hogs. Could this mean that they think the price is headed lower and they are wanting to un-load their hogs ahead of the dip? Index hogs were a bit heavier today at 208.15#.

Today was not a very happy day to be long the summer futures. Oh! Well! Easy come, easy go! I did buy a few more of the summer futures. If the ASF virus continue to spread in the orient, I may be all right.

Best wishes,

dhm