8/15/18 was down -1.26 and the model projects the component on yesterday's kill will drop between -1.10 and -1.40. The VVVs are now trading discount to the component by a measly -0.25 after having traded limit and stripping a bunch of producer/hedgers of a bunch of their margin. I guess "The Market" is thinking exports are going to open up in a big, B I G WAY.

Yesterday packers purchased 96.9% of the daily moving average purchases of total hogs and 100.8% on the index hogs. Packers are now processing hogs at a brisk clip and cutouts were pressured down again yesterday.

I am still HODLing most of the summer futures although I did buy a dip in the QQQs yesterday and sold the rally this morning. Now I am looking for another little dip to re-load that one and add more.

Best wishes,

dhm