8/28/19 was down -2.04 to 70.23. There is a correction to the change in the CME Lean Hog Index reported yesterday. It was down -0.92 not -1.64 as previously reported. At any rate the component is now 70.23 and the VVVs are trading discount to it by -5.83. Looking at the rate at which the index is falling and the weakness in the primal cuts, it will not be much of a surprise if the index falls so much that it will pressure the VVVs down a little.

Not only do there seem to be plenty of hogs, but they are big hogs. Today the 6-day moving average carcass weight moved up to 209.02#. That is +1.11# yr/yr. The INdex hogs were steady at 208.47#. Packers have been hurrying their hogs to market for a couple of months and their hogs are now lighter than the non-packer hogs by -1.17#. Even though packer hogs are lighter than non-packer hogs, they are still heavier than they were last year on this date by +1.47#.

More heavier hogs adds up to lots more pork!

Best wishes,

Doc