shows that packers have 65K fewer hogs scheduled today than on this date last week and 100K fewer than on this date one-year ago. That is a 4.5% decline yr/yr. That is outside of the -3.3% that the last H&P report seemed to suggest. If the 6-day moving average carcass weight continues to decline along with a weak kill rate, the stage will be set for the the CME Index to possibly hold near the cash settlement index the we had for the NNNs.

Obviously, Dewey, you made a right move getting long the QQQs below 125.

Best wishes,

dhm