7/31/14 kill was down -0.94 to 125.36. That puts the QQQs at a discount to the Index by 7.38. That seems to be a lot to me with only 10 more days of data to get us to the cash settlement number.

The six-day moving average carcass weight was steady at 213.69# and that is +10.66# yr/yr. These heavy hogs suggest that producers could open their barn doors and let out a couple of hundred thousand hogs in a hurry. This could pressure prices in a hurry but packers may not want that to happen if it would deplete the supply they need a little later on.

And so the suspense continues.

Best wishes,

dhm