7/30/18 was down -1.47 an the model projects the component on yesterday's kill will shed between -0.95 and -1.25. Hogs are on a powerful down trend. Packers purchased 90.2% of the moving average of purchases on total hogs and 80.4% on the index hogs. Hogs may be being backed up a tiny bit. Not good.

The QQQs are trading discount to the component by -9.82.

Best wishes,

dhm