7/12/19 was down -0.07 to 70.70 and that is 50% of the cash settlement index. The NNNs are now trading at the component. I will be going to cash settlement with the biggest load ever and it may be by far the most profitable and that is good because the summer futures have dinged me. I am HODLing the summer futures because the chances are quite good that China will start importing more pork at some point.

The six-day moving average carcass weight firmed to 211.39#. That is +3.56# yr/yr. Index hog weights were down a bit at 211.1#. Hot weather may begin to slow weight gains a little. Packer hogs are now +0.47# heavier than the non-packer hogs. Packers have done a great job of getting more current in their shipments. Lately about 40% of the kill mix has been packer owned hogs. One year ago it was running around 34%. The vertical integration by packers is continuing. Also it seems that packers are wanting to process heavier hogs. When I was a youth raising hogs as an FFA project tops were 185# to 210# live weight. Now carcass weight are heavier than that. How times have changed!!

Best wishes,

Doc