7/10/19 was up +0.09 to 70.69. The NNNs are now trading premium to the component by +0.81 with three days of data to get us to cash settlement. I will most likely hold the short NNNs to cash settlement.

The six-day moving average carcass weight firmed to 211.04#. That is +3.21# yr/yr. Index hogs were also heavier at 211.05#. Lots of hogs are coming to market and they are heavier than one-year ago. Packers are continuing to ship a larger percentage of the kill than they shipped one-year ago.

Best wishes,

Doc