shows that pacers have a few less hogs scheduled than they had on this date last week. Relative to last year on this date, they are down 36K or 1.37%. From the H&P report I would expect it to be down about 3.5%. This suggests to me that producers are quite willing sellers and are willing to deliver even though packers have taken the index down a lot in the last few weeks.

With the scheduled number running ahead of projection, it may also be that producers have a few more hogs than expected from the last H&P report.

The noon reports were not very good reports but we have to take what the USDA gives and they are at the mercy of the packers.

From them the model is projecting that the Purchase Index for today will be down $1.02 and the CME Index component on today's kill will shed something like -0.60 to -0.90.

I won't bet the farm on those numbers and sell a bunch of ZZZs nor will I turn into a raging bull and buy a bunch. This morning I sold a handful and have now covered all but one of them. If I get another set-up, I will sell again but would rather cover another short first.

Scalping has been all right today. Nothing great, just all right.

Best wishes,

dhm