8/30/19 was down -0.25, and Yes, Du Rock, my model also projects the component on Friday's kill will be down between -0.75 and -1.05. The VVVs settled discount to the component by -5.10.

With their lower bids, packers purchased 113.4% of the moving daily average of total purchases and 85.5% on the Index hogs. With Monday being a low-kill day, packers will probably not have been very aggressive in buying hogs Friday afternoon.

Primal cuts gained +0.75 on Friday and that pushed packers' margin on the Index hogs up to $7.68/hog. Better than it was but not enough to cause packers to bid much higher.
The down trend in the index may be strong enough to push the VVVs a bit lower by the time they go to cash settlement so I am short a few VVVs and long the summer futures.

Best wishes,

Doc