7/23/18 was down -1.17. That is the biggest one-day drop we have seen in this down turn. The model projects that the component on yesterday's kill will drop between -0.75 and -1.05. The QQQs are at a discount of -10.11 to the component and the ZZZs settled discount to the component by an amazing -29.26!

Packer purchased 99.7% of the moving average daily purchases on the total hogs and only 88.6% on the index hogs. Either packers did not want hogs or index producers were reluctant sellers.

Best wishes,

dhm