7/17/19 was up +0.29 and the model projects the component on yesterday's kill will be up between +0.10 and +0.40. The kill rate is now slowing, cutouts are moving up and the CME Lean Hog Index now seems to be in an up trend. The QQQs are trading premium to the component by +10.97. That seems like too much "Gap" to me. Over the weekend I plan to do some work on my model to see if it will generate a projected cash settlement Index for QQQs. I am short two QQQs and one Q/V spread. Today's market action suggests I am on the wrong side of this market. It looks like the summer 2020 futures may save the day for me.

Packers purchased 81.5% of the moving average daily purchases of total hogs with their higher bids. On the index hogs it was 96.1%.

Best wishes,

Doc