to me, Spike, that the market is searching for the "Trough" to this Hog Cycle. We clearly hit the "Crest" on 7/16/18 when the CME Lean Hog Index rose to 134.17. It is not clear whether there will be a significant liquidation in conjunction with the posting of the "Trough" or whether world trade will create demand sufficient to push the liquidation down the road a ways.

The futures market is now projecting there will not be much of a liquidation for a while longer.

Best wishes,

dhm