seem to be pointing to a major crash by the NNNs or the CME Lean Hog Index. Packers are only getting fair numbers purchased with higher bids, cutouts are holding their own (Actually showing a little strength), carcass weights are in decline especially the index hogs and the kill rate since 3/1/16 has been fractionally lower than projected from the last H&P report.

It looks to me like the last H&P report quite accurately pegged the supply of market hogs and the next category to come to market is reported to be down a little. For now I have my bear skin coat hanging in the closet. It's just too hot to be wearing it.

Yesterday was a good day for the market to make a fake limit move in the opposite direction from what the fundamentals were pointing but enough panic did not set in to finish the job. So I'm expecting a little bounce now and I doubt that it is going to be a "Dead Cat" bounce.

Best wishes,

dhm