8/3019 was down -1.20 to 67.43. The VVVs are trading discount to the component by -2.88 after going limit up today. This limit move by the VVVs caught me totally off guard and I wonder if China has placed a huge pork order?

The six-day moving average carcass weight firmed 209.41#. That is +1.63# yr/yr. Index hogs were also a bit heavier at 208.73#. Packer hogs are lighter than non-packer hogs by -0.91#. Packers are really current in their shipments.

I was able to make a trip to the bank today when two long G/J spreads met my profit objective. I sold a Q/V spread at 12.70 and now I am asking myself, "Why did you do that?" I generally like to trade the Q/V spread from the long side.

Best wishes,

Doc