10/5/18 was down -0.10 to 69.32. That was a surprise. The VVVs are trading discount to the component by -0.67 with five days of data to get us to cash settlement.

The six-day moving average carcass weight firmed to 210.52#. That is -0.25# year/year. Index hogs were also heavier at 209.46#. Packer hogs are heavier than the non-packer hogs by +1.54#. Both packer and non-packer hogs were heavier. Packers are really running their hogs to market at a rapid clip. That may be a signal that the index is going to begin declining. Fresh corn and cool weather will finish hogs in a hurry.

Was able to scalp a VVV pig but not much action in the summer futures.

Best wishes,

dhm