9/24/19 was up +0.20 to 54.77. That was a surprise. The VVVs are now trading premium to the component bu +9.88. On average over the past seven-years the Index has gained +1.77 from this date until the VVVs go to cash settlement. The most the index has gained was 9.51 in 2012. In 2013 the Index dropped -7.28 from this date until cash settlement. This seems to be saying the VVVs could give us a merry ride over the next fourteen trading days and the "Merry Ride" was off to a good start by posting a limit up move today. I came into the day riding one short VVV pig and and sold another when they broke out to the upside.

The six-day moving average carcass weight firmed to 211.28#. That is +2.56# yr/yr. Index hogs were unchanged at 211.33#. Packer hogs are lighter than non-packer hogs by -1.23#.

Best wishes,

Doc