that packers have 32K more hogs scheduled today than they had on this date one-week ago. That is much not much of a variance. There may be something a bit more telling when we look at the year-over-year numbers.

On a year-over-year basis the number is down 173K hogs. That's a decline of 7.76%. I believe that is outside of the expected range based on the last H&P report and may indicate that the fall kill-rush is still in front of us.

That is consistent with what the noon reports showed.

They showed that packers' bids were down and the Purchase Index could drop by -$1.30. From that the model projects that the component on today's kill will be down between -1.05 and -1.35.

The projected cash settlement index is now 115.34 with a range of 114.84 to 115.84. I have not been able to buy back the QQQ that I inadvertently sold at 114.775. My Mother taught me, "Don't cry over spilt milk."

Best wishes,

dhm