9/11/19 was down -1.56 to 59.90. The VVVs settled premium to the component by +3.27. The primal cuts were whacked again today being down -1.98 being led lower by the bellies.

The kill so far this week is very strong being 11.03% higher than the same week last year. I suppose there was some catch-up from the low kill the past couple of weeks which may have suffered from the Dorian. The six-day moving average carcass weight was up a bit at 211.07#. That is +1.97# yr/yr. Index hogs were down a bit at 210.51#. Packer hogs were lighter than the non-packer hogs by -0.38#.

I am still scratching my head wondering who the "Big Dog" was who came into the market in the pre-opening bidding limit on very large volume. Could packers have made huge export sales to the Chinese over-night and the were buying hogs on the futures market? Or was it Chinese buying pork on the futures market in anticipation of
Trump and Xi cutting a deal. They have both been making good faith gestures relative to the tariffs lately. Or maybe it was ITZ, Spike and Dewey deciding it was time to jump in ahead of a Trump-Xi deal.

What ever it was, I am plenty happy that I had the short VVVs spread with more than enough long QQQ. That is surely NOT my favorite spread, but it kept me from a trip behind the wood shed today.

Best wishes,

Doc