8/27/19 was down -0.66 and the model projects the component on yesterday's kill will drop between -0.60 and -0.90. The VVVs settled discount to the component by -9.75. Cutouts experienced an industrial-strength crash dropping -4.92 due to the -27.41 collapse in bellies. I can't remember ever seeing a one-day belly drop like that. That may be the stuff that makes for a limit down day in the VVVs and possibly the ZZZs.

With their lower bids packers were able to purchase 93.5% of the daily moving average daily purchases of total hogs and 92.2% on index hogs. There is no shortage of pork in the US of A.

Best wishes,

Doc