8/29/19 was down -1.6 to 68.63. The VVVs settled discount to the component by -5.10.

The six-day moving average carcass weight firmed to 209.26 #. That is +1.43# yr/yr. Index hogs were a bit heavier at 208.60#. Packers seem h have strategically decided they want to kill heavier hogs. More hog and bigger hogs add up to more pork. The world does not seem to be clamoring for more pork but the ASF problem has not gone away and neither has the Chinese-American trade war.

Near term it appears there is excess American pork for the domestic market so I am short the VVVs.

There is a good chance that as time passes, world pork supply will tighten so I am long the summer 2020 futures. There are quite a few calendar spread trades stacked around on my boat. On Friday I went short several of the M/N spreads.

Best wishes,

Doc