7/28/17 was down $-0.60 and the model projects that the component on Friday's kill will drop between -0.50 and -0.80. The QQQs are now trading discount to the component by -7.89. with 11 more days of data to get us to cash settlement. Traders are expecting packers to do some serious bid cutting over the next couple of weeks. Producers may be expecting it also because because they were willing sellers of hogs Friday sellin 115.4% of the moving average sales of Index hogs and 152.5% of the moving average of total hogs.

Best wishes,

dhm