9/9/19 was down -1.83 and the model projects the component on yesterday's kill will plummet between -1.10 and -1.40. What a difference between the afternoon reports and the final reports!!

Packers purchased 89.0% of the moving average daily purchases of total hogs and 94.6% on the index hogs. That is more normal.

The VVVs are trading discount to the component by -2.83. "The Market" says the index is heading lower. We are still in the chase for the seasonality low and it looks like it will be lower and lower as time passes.

Best wishes,

Doc