8/3/18 was down -1.73 and the model projects the component on Friday's kill will drop between -1.20 and *1.50. That -1.73 was the largest one-day drop we have seen in the purchase index during this down-draft. The QQQs are now trading discount to the component by -8.66. The model is calculating that the component will need to drop an average of -1.16 to close that "Gap".

Packers purchased 96.5% of the moving average daily purchases of total hogs and 109.3% on the index hogs.

It doesn't look like the summer hog futures are going to dip and let me re-load my boat any today so I will just HODL with what I have.

Best wishes,

dhm