hog market that I don't understand. The noon reports today show packers cutting their bids quite a bit for negotiated hogs and bidding up the formula hogs BIG time. They did not have many hogs purchased by the time the report was release and that is understandable with Monday being a holiday. But why such disharmony between the pricing of the two categories of hogs being purchased?

Since the formula hogs make up most of the Index, I don't view this as a bearish sign.

Shortly packers will be needing hogs for the Independence Day holiday and the data seems to be pointing to declining supplies rather than building supplies.

Best wishes,

dhm