8/3/16 was down -0.62 to 70.71. The VVVs are now discounted to the component by -12.74 and the QQQs by -2.81. Traders are now thinking that this down-trend is here to stay for a while and are taking some "Air" out of the futures.

The 6-day moving average carcass weight firmed a little to 207.83#. That is - 2.01# year/yr. Producers are keeping very current in their shipments. Index hogs are a bit lighter at 207.29# and that was up mildly. Packer hogs are now lighter than non-packer hogs by -0.05#, That's not much but it does show that packers have been very busy running their hogs to market in front of the non-packers.

I'm still short the QQQs but not quite as short as I was. I think a "J-hook" formation just showed up so I re-sold one that I banked earlier this morning. Maybe that was a mistake.

Best wishes,

dhm