7/31/14 was down -$0.48 and the model projects that the CME Index component on the 7/31/14 kill will ease down by 0.50 to -0.80. It appears to me that the rate that packers are lowering their bids is slowing.

The number of hogs purchased yesterday was very low. Perhaps packers are not wanting hogs for some reason.

As I look at my screen I see that the Index is premium to the QQQs by 8.14. Historically that appears that traders are planning on the Index collapsing much more than usually happens this time of the year. But historiacals don't rule. Supply and demand here and now is what counts. My guess is that demand will hold and supply will be weak enough for the next two weeks to cause packers to keep their bids firm enough to force the QQQs up a bit.

So-

I sticking with a few long QQQs to keep Dewey company.

Best wishes,

dhm