is struggling with the rest of us in trying to figure our where we are headed. The high kill rate either indicates the USDA missed on the count or hogs are being pulled forward and I am trying to track the date looking for a clue that will tell me which one is the case. The fact that packers seem to have / (may have) liquidated a bunch of their market hogs has me hoping that about 400K of hogs have been pulled forward. Maybe the next H&P report will clear that mystery up a bit.

If the USDA UNDER-COUNTED the hogs and exports to China do not materialize, we could see the Index take a hammering. On the other hand, if 400K have been pulled forward and exports click-in, the Index will soar like we have never seen before.

Best wishes,

D.H.