8/7/18 was down -1.38 and the model projects that the component for yesterday will drop between -110 and -1.40. The QQQs are now trading discount to the component by -9.07. With their lower bids packers still were able to purchase 100.5% of the daily purchases of total hogs and 101.3% on the index hogs. The producers of negotiated hogs were really slapped hard yesterday.

This morning I was able to take-on another July future and may get another. I continue to thing the summer futures are being pushed too low.

Best wishes,

dhm