8/21/18 was down -0.69 and the model projects the component on yesterday's kill will drop between -0.65 and -0.95. So the chase continues for the "Trough" for this Hog Cycle. A new low will be set today when we get the 201 report but that probably will not be the final low for the CME Lean Hog Index. There is still too much pork and too little demand. Cutouts were weak again yesterday and bellies are WAY CHEAP.

Still HODLing the summer futures but the dip today is not nearly enough to cause me to add more.

Best wishes,

dhm