10/10/18 was up +0.04 and the model projects the component on yesterday's kill will change in the range of +0.15 and -0.15 and that amount to not much change. The VVVs are now trading discount to the component by -0.80. The uptrend in the index may have topped out but that does not mean it will head much lower over the next couple of days as we wait for cash settlement. I am still short a fair number of the VVVs but did cover some yesterday.

Packers purchased 85.4% of the moving average daily purchases of total hogs and 94.4% on the index hogs.

I have order working to buy summer futures if this dip goes a bit lower,

Best wishes,

dhm