6/29/17 was up 0.03 to 91.73. That is less than expected and may indicate that packers will be trimming their bids for a while now. The NNNs are only trading discount to the component by -1.11. Packers can close "Gaps" like that over a "Coffee Break". The "Gap Closing Dance" has now begun for the QQQs. It appears that traders have awaken to the fact that a major collapse in the Index was already priced into the QQQs and they are asking themselves, "Have we over-done the way we have beaten down the QQQs?"

And the answer seems to be, "We're afraid so!"

That "Gap" of -8.38 that the QQQs are under the component is still substantial; at least I think it not something to just sneeze at!

The six-day moving average carcass weight was steady at 207.23#. That is -1.83# year/year. Producers are still very current in their shipments. Index hogs eased a bit to 207.22#. Packer hogs are lighter than non-packer hogs by -1.62#. It appears that packers have thinned down their inventory of market ready hogs. Maybe they chose to move them out in front of the holiday while prices were sweet.

I have been able to close out a lot of trades this morning and my boat is riding much higher in the water now. I need to get back to trolling to replenish the inventory so that I have something to sell when someone needs it.

Best wishes,

dhm