201 report will be late so we will not know until later how much the component on Friday's kill dropped. Based on the very weak final Purchase Index for Friday's purchases, I think we can be fairly confident the component on Friday's kill is going to be very weak. The question is, "How weak?"

I am wondering if "The Market" is thinking the "Trough" to this seasonality cycle was posted early like it was last year and now packers are going to begin chasing hogs higher? That really seems to be what the VVVs are saying today. I was no prepared for a near limit-up move in the VVVs, I tell you that.

Best wishes,

Doc