8/17/18 was down -1.12 to 51.03 giving us another Hog Cycle low but there nothing to suggest this is the "Trough". The VVVs are now trading premium to the component by +6.32. "The Market" seems to think that packers are going to start bidding higher - a lot higher.

The six-day moving average carcass weight was steady at 208.25#. That is +0.50# year/yr.
Packer hogs are lighter than non-packer hogs by -0.61#. Packers are keeping current in their shipments - more so than the non-packers.

This morning I piled two long MMMs on my boat and will now be willing to take profits on two of the QQQs. The sell-off was not quite steep enough to give me confidence to add more than two.

Best wishes,

dhm