Cash was lower yesterday as was the pork cutout value. Packer margins remain profitable, a sign and indication of excessive supply not tight supply. The hog & pig was not overly bearish but it was NOT bullish. The talk is that packers are still looking for hogs for perhaps the next ten days. Look for a rebound in hog futures today which may set up for a real selling opportunity down the road. There was nothing to conclude from volume and open interest yesterday. Option trade was quiet as well.

Bought 3 Aug on open at 83.50, still have other orders in but not filled on any yet.

Dewey