9/16/19 was down -0.71 tp 57.06. It looks like the VVVs will be settled premium to the component by +5.19. By the time we get to cash settlement, the VVVs may have to back down a bit more.
The 6-day moving average carcass weight dipped to 210.87#. That is +2.12# yr/yr. Index hogs were also a bit lighter at 210.84#.Packer hogs were lighter than the non-packer hogs by -1.26#..
Considering the the size of the "Gap" the VVVs may end up dropping a little as we make our way to the cash settlement. Of course some large shipments of pork to China could modify that outlook to a major extent. I sold two VVVs during the early morning rally but took a trip to the bank much too soon.
Best wishes,
Doc