7/5/19 was down -1.12 and the model projects the component on Friday's kill will drop between -0.65 and -0.95. Friday the CME Lean Hog Index component on the prior day's kill dropped -0.46 to 72.58 thus the NNNs settled discount to the component by -0.46.

The kill last week was quite strong at +4.38% over the same week last year and the hogs continued to be heavier than last year by 3.72#. Packer hogs are now a bit lighter than the non-packer hogs now.

There will be seven days of data to get to cash settlement. With the kill rate being high, carcass weights being high, packers' margins being extreme tight and exports not yet coming alive, I am planning on taking some short NNNs tp cash settlement.

Best wishes,

Doc