7/27/17 down -0.40 and the model projects that the component on yesterday'skill will drop betweeon -0.35 and -0.65. Negotiated hogs were actually "UP". Packers purchased 98.8% of the moving average daily purchases of Index hogs so producers have the hogs and they are willing sellers.

We are definately in the fall price e=decline period and cutouts are part of the decline. Bellies are helping support the price of pork but hams may be a drag for a while.

STill long the QQQs and short qa smaller number of VVVs.

Best wishes,

dhm