9/20/19 was down -0.42 to 54.97. It looks like the VVVs have settled premium to the component by about +6.00. The model calculates that packers margins have improved to +$29.55/index hog.

The 6-day moving average carcass weight moved up to 211.59#. That is +2.50# year/year. Index hogs were also heavier at 211.51#. Packer hogs are lighter than non-packer hogs by -1.93#.

The "Gap" between the VVVs and the component of +6.00 may be a bit strong so I am staying short the VVVs. Actually I sold another one on the bounce and was able to scalp out of it toward the end of the day and moved a few calendar spreads on and off my boat.

Best wishes,

Doc.