7/19/17 kill was down -0.40 to 91.80. The QQQs are now trading discount to the component by -9.53. Any way you look at it, that is quite a "Gap".

The six-day moving average carcass weight was firm yesterday at 207.41#. That is -1.65# yr/yr. Index hogs were steady at 207.69#. Packer hogs are -1.65# under non-packer hogs. Packers are really current in their shipments. I think it is because there is strong demand and they are not finding the hogs they want so they are pulling their hogs forward a little but there is the possibility they are marketing their hogs before the fall surge in hog supplies hits.

I'm getting a little action in the V/Z spreads today. I was short the spread but covered it and am now long.

Best wishes,

dhddm