9/25/19 was way , WAY up. The model projects the component on yesterday's kill will be up between +0.10 and +0.40. The down trend sees to have been broken.

With their higher bids packers purchased 130.7% of the daily moving average daily purchases of total hogs and a more modest 92.1% on the Index hogs.

Packers were able to bump cutouts up +0.67 bring packers' gross margins on index hogs up to $32.90. That was enough to send packers out throwing money at hogs.
I am still short a couple of the VVVs and sold another on the rally this morning. It is the 10.18 "Gap" that has my attention. On average over the past seven-years, the index has gained only +1.60 from this date until cash settlement. The most it gained during that time period was +8.32 in 2012. In 2013 it actually lost -6.89. This is the time of the year when hogs can be very, VERY volatile.

Best wishes,

Doc