Cash edged lower but cutout edged higher. Packer processing margins continue to improve, if not explode into all-time record high territory. Lean hog futures fail to fail meaning support levels continue to hold and resistance levels continue to be challenged. We’re no longer selling futures but instead simply holding put options which will pay dividends in the event of a serious backlog in supplies develops this fall. It appears unlikely to happen at this time. Sep pork exports were not impressive, up 3% compared to last year. Sep exports were about the same volume as August exports. Hams continue to hold the carcass together mostly through export trade to Mexico. Look for a choppy trade but hard selloffs are expected to hold at support levels.

Dennis is starting to lose his bearishness, it seems DH, only you and I are bearish now. Everyone is chasing a Bull! I am still selling, don't know for how long!
Dewey