7/14/17 was down -0.31 to 92.35 and that is just about where the NNNs are trading. With the Purchase Index and the CME Lean Hog Index both being in a down trend, I decided to exit the long NNNs and place orders to sell on a tic up. The "Gap" is now closed but the index may move a bit lower when we get the numbers on today's kill.

The QQQs are trading discount to the component by 11.83. Traders seem to be waking up to the fact that they have punished the QQQs to severely and they are now putting a little back on them. If demand hold, there will be more to come.

The 6-day moving average carcass weight was a bit firm this morning at 208.31#. That is -1.26# yr/yr. Index hogs showed a touch of weakness but they are still heavy at 208.70#. Packer hogs are -1.26# under non-packer hogs, The percentage of packer hogs in the kill mix d ropped to the 30% range. Perhaps packers are a little light on hogs after the heavy kill of packer hogs we have been seeing.

Still have the lone long QQQ pig.

Best wishes,

dhm

PS: Like Farmer Ed, I talk talk hogs better than I trade them. Not that I am doing poorly, just that I don't dare really ramp up my trades but remain a bit cautious.