8/1/16 was down 0.47 to 71.94 putting the "Gap" at -11.64 with the QQQs being discounted to the component. Right now it looks like traders are thinking the "Gap" is too large so they have bumped the QQQs up a little. My bias remains that pork production is so high that it is going to take lower prices to get the consumer to carry-off all that is being produced so I am short the QQQs and right now being short is not smart.

The six-day moving average carcass weight was unchanged at 207.97#. That is -1.92# yr/yr. Producers are staying very current in their shipments which is good. Index hogs are a little lighter at 207.32#.

Made a trip to the bank by covering a short V/Z spread.

Best wishes,

dhm