firmed to 213.48#. That is +10.29# yr/yr. It was mostly non-packer hogs that were heavier with packer hog-weights being steady. The change was not large enough to tell us much about hog supply but it does tell us that pork production is being supported by heavy hogs.

I'm now looking at a Index/QQQ gap of 5.75 with six-days of data to come in. Packers have dropped their bids enough in the past six-day to drive the index component down by an average of -0.97 per day. If that rate continues, the cash settlement index for the QQQs will be 116.20.

I could live with that just fine.

Best wishes,

dhm