7/13/18 was down -0.81 to 79.95. That is 50%- of the cash settlement Index. The NNNs are trading discount to the component by -0.22. I will have something to go to cash settlement but it won't amount to much.

The six-day moving average carcass weight eased to 207.84#. That is -0.38# yr/yr. Index hogs were also down a little at 208.21#. Packer hogs are now lighter than non-packer hogs by -1.89#. Packers have really been moving their market hogs to market at a rapid clip. Not long ago packer hogs were more than four pounds heavier than the non-packer hogs. Over the past 200-days packer hogs have made up 33.9% of the kill but over the past six-day it has been 34.69%. I will be watching these percentages looking for an indication of whether or not packers are now liquidating some sows as well.

Ka!! Ching!! Just went to the bank with profits from two long Q/V spreads that someone wanted more than I.

Best wishes,

dhm