7/17/19 was way, WAY UP by 1.78. Apparently as the day wore on yesterday, packers developed quite an appetite for hogs and they had trouble finding them. The model projects the component on yesterday's kill will be up between +0.60 and +0.90. There will still be a substantial even if we get a move up that large. "The Market" may have become carried yesterday driving the QQQ limit up and I opted to sell a pair of the QQQs as they moved up. Now to see if "The Market" decides that the closing "Gap" of +10.97 with the QQQs over the component we saw yesterday was too rich.

Yesterday packers purchased 82.2% of the moving average daily purchases of total hogs and 99.3% on the index hogs. The kill so far this week is coming in significantly less than projected from the last H&P Report. Packers are still shipping about 40% of the daily kill compare to about 33% to 34% one year ago.

Best wishes,

Doc