10/4/18 was up +0.47 and the model projects the component on yesterday's kill will be up between +0.40 and +0.70. The VVVs are trading discount to the component by -1.31. It appears to me that packers have enough more expensive hogs purchased to nudge the component up again tomorrow. There are five more data days to come in after we get the one for yesterday in a few minutes.

Packers only purchased 73.5% of the moving average daily purchases of total hogs yesterday but they did get 92.2% on the index hogs.

I purchased a NNN pig on the dip tis morning and have sold a couple of the VVVs that I picked up yesterday and took some profits on a couple of long Z/G spreads.

Best wishes,

dhm.