7/24/15 dropped -0.22 to 78.42. The QQQs are now trading discount to the component by -1.15. With the component in a down trend and kill numbers firm, that is probably appropriate for the QQQs to be discounted to the component.

The six-day moving average carcass weight dropped to 210.64#. That is -3.04 yr/yr. Last year at this time producers were doing whatever they could to produce poundage and that meant finishing hogs to a heavier weight. Hogs are still coming to market at heavy weights but down from last year.

I noticed that the technical/emotional factors took the VVVs and ZZZs on a merry ride this morning. I had orders working to buy the Z/G spread but it didn't get to me. I'm not very anxious to get very long that spread because we might get quite a high kill later this fall and it could drop the spread big-time.

I have caught a couple of small scalps this morning but mostly I have been twiddling my thumbs.

Best wishes,

dhm