7/9/18 was down -0.13 to 81.59. The NNNs are now trading discount to the component by -1.74. Traders think we are headed lower still.

The six day moving average carcass weight eased to 207.79 #. That is -0.32# yr/yr. Packer hogs are now -0.13# lighter than the non-packer hogs. Index hogs are heavier at 208.08#. Packers have really been emptying their barns. Packer hogs have made up 33.84% of the kill for the past 200-days but for the last 6-days they have been 35.27%.

I'm flat the NNNs but I am short a few of the calls.

Best wishes,

dhm