me that futures and the weak cutouts are driving the MMMs and the MMMs may be passing the weakness on down the line. I have been short the MMMs and long almost everything else. I covered 1/3 of the short MMMs today and continue to HODL the long deferred contracts. Being long is not without risks. While it is true that China's hog population has been badly damaged, there may be some risk that the Chinese government will impose price controls and rationing to control inflation. The trade talks have broken down into a "Trade War" that may be getting worse day-by-day.

Best wishes,

D.H.