6/19/17 was up 1.49 to 87.33. The "Gap" has now opened to -2.26 with the NNNs at a discount to the component. Looking at the strength of the cutouts and the falling carcass weights, there may be a mis-pricing here.

The 6-day moving average carcass weight dipped o 207.98#. That's -2.17# yr/yr. Packer hogs are -2.18# under. Packer hogs were down -0.80# this morning. Packers are really raiding their barns to get enough hogs to kill. Index hogs were also down at 207.99#. Hot weather is most likely slowing growth but the data is strongly suggesting that there are fewer hogs than the USDA PROJECTED.

I think 400K to 500K of hogs have been pulled forward.

Still long the NNNs and QQQs. Have been able to scalp several NNNs and still keep my short positions. The Q/V spreads have been coming and going off my boat this morning.

Best wishes,

dhm