once in a lifetime hog market that will not last. And I wonder how it will end.

Will it go on for a couple or three years until the Chinese re-build their hog industry? At that point the fall could be brutal.

Or will the virus hit North America and our hog industry gets into trouble also? Could this mean that the pork share of the protein market greatly declines with poultry and beef filling the void? My guess is that if it hits North America, it will be attacked with such force that it will be quickly contained (four to eight months) but the initial market-shock will very unnerving.

At this point I plan to continue to follow the data and watch for the next "Crest" in the Hog Cycle which could approach the last "Crest" of 130 to 135 by summer 2020. In the mean time there will be a seasonality high. "The Market" has the seasonality high pegged to be around 95 about the time the QQQs go to cash settlement. But "The Market" is often wrong as you know!!

I will be making a trip to Ohio a bit later this month to close out my real estate holding there. I hope I can keep up with the market using my laptop.

Best wishes,

dhm