8/20/19 was only down -0.03 to 77.38. This may mean that packers have built small inventory of cheaper hogs that will weigh the component down over the next couple of days.

The six-day moving average carcass weight was steady at 208.49#. That is +0.65# yr/yr. Index hogs were a bit heavier at 208.74#. I hope this does not mean producers of index hogs are getting behind in their shipments. This is not a good time of the year for that to happen. Packers are probably not behind in their shipments because packer hogs are now -0.92# lighter than the non-packer hogs.

I have been scaling into and out of the V/Z spreads. This is a scary time of the year to be doing that. This morning I have sold three and bought back to and amnow working an order to buy the third one back. My boat is loaded with a few more of the V/Zs than I would like but you never know what the hog market will do.

Best wishes,

Doc