of the hog market. We are continuing to see a kill this week that is a bit higher than would be expected from looking at the last H&P report on a weekly basis but when the total kill since 6/1/14 is taken into consideration, it looks like producers may have dragged their feet in shipping hogs.

Now they trying to get current and it is bringing a few extra hogs to market and they are heavy.

The gap between the QQQs and the Index has now swollen to 8.53. From the noon reports the model projects that the component on today's kill will shed about a buck. For the Index to get down to the 118.80 where the QQQs are trading, the index will have to cough up an average of .72 per day for the final eleven days.

With beef being in short supply, cutouts holding up quite well and carcass weights seemingly topped out, I just don't see it in the tea-leaves that producers have enough hogs to hurry to market to trash prices that badly.

But as our departed cyber-friend Long Bear used to say, "In the hog market you can always expect the unexpected."

If I see some signs that the QQQs have put in a bottom, I'm going to fill my boat from the long side.

Best wishes,

dhm