7/13/17 was down 0.07 and the model projects that the component on yesterday's kill will change in the range of +0.15 to -0.15. Packers still have an inventory of more expensive hogs purchased that will support the component today and maybe Monday. The QQQ bulls did not like the drop in the cutouts yesterday and they are caving in rapidly this morning. This has opened the "Gap" and the QQQs are now discount to the component by 11.91. It looks like you can cut your melon this morning, Dewey!

With their lower bids, packers purchased 86.5% of the moving average daily purchases of Index hogs. Their total purchases were off even more at 81.0% of the moving average daily purchases.

The long NNNs are not a problem today bit that lone long QQQ pig is doing me no good today.

Best wishes,

dhm