7/16/18 was down 0.57 to 79.38. That pegs the cash settlement index for the NNNs at 79.69. Not much change from yesterday's settle. The QQQs are now trading discount to the component by -10.90. That's quite a "Gap"!

The six-day moving average carcass weight eased to 207.23#. That is -0.27# yr/yr. Packer hogs are now lighter than the non-packer hogs by -2.07#. Packers have really been running their hogs to market at a brisk clip. My guess is this is an indicator that the down trend has quite a ways to go and a lot of it is already priced into the QQQs.

Best wishes,

dhm