up +0.91 to 99.66. That's +13.15 higher than this date last year. Packers keep lowering their bids and the number of hogs they purchase climbs. By the time the noon report came out they had purchased 417K. That's more than they had been purchasing in a full day. Producers seem to have lots of hogs and packers seem to want them all.

The QQQs settled discount to the component by -7.59. With ten days of data to come in, the component will need to drop an average of -0.72 per day to close that "Gap". That is not the trajectory we are on but packers can change that in a heart-beat.

But they probably won't if cutouts keep going up. I surely don't know where all this demand for pork is coming from. I do know it is not I who is eating it all.

Best wishes,

dhm