7/6/17 was up +$0.29 and the model projects that the component on yesterday's kill will move up between +0.15 and +0.45. The packers were willing to share some of their juicy margins with the producers yesterday.

Packers purchased 91.8% of the moving average daily purchases of index hogs but 99.8% of total purchases. Maybe index hog producers are feeling a sense of confidence that prices will hold so they are dragging their feet on shipping hogs or maybe they are just a bit short of hogs. Index hog carcass weights have been moving up a bit and that does not suggest a shortage of hogs.

Still long the NNNs and one QQQ.

Best wishes,

dhm