7/11/19 was up +0.16 and the model projects the component on yesterday's kill will change between +0.15 and -0.15. And that amounts to essentially no change. After today's data comes out, there will be two more days of data to get us to cash settlement. The NNNs settled premium to the component by +0.91. If a couple of packers get hungry for hogs, they can close that "Gap" in a heartbeat. Cutouts were up +0.57 yesterday so packers' margins are in a bit better shape today than they were but still not good enough to send packers out buying hogs willy-nilly.. I will most likely ride some short NNN pigs to cash settlement.

Yesterday by the time the afternoon reports came out, packers had purchased 89.6% of the moving average daily purchases of Index hogs and 87.5% on the total hogs. That is about what one would expect on a Thursday.

The spread trades I have on my boat are just hanging around and getting moldy. Maybe some will move today or maybe I will be able to pile a few more on. My load is a bit skinny right now. The short K/M are treating me well but they are jot very liquid and take a lot of waiting around sometimes..

Best wishes,

Doc