7/7/17 kill was down -0.12 to 92.51. The NNNs are trading discount to the component by -0.73 and the QQQs are way, way down there with a discount of -9.58. I'm suspecting the QQQs have been driven down too hard, too far but I don't dare trade my hunch.

The 6-day moving average carcass weight moved up to 208.18#. That is -1.43# year over year. This hot weather is not when weights should be going up. Perhaps producers are now getting behind a bit in their shipments. The percentage of packer hogs in Friday's kill was far below what it has been running but packer hogs are still -1.67# lighter than non-packer hogs.

I took a little profit on the long NNNs scalping trades now I am trying to get a short scalper going. When the Q/V spreads surged this morning, I took profits on three and have bought two of them back. It isn't often that I get to make a round-trip trade in the calendar spreads.

Best wishes,

dhm