7/22/19 kill was up 1.03 to 74.82. The QQQs settled premium to the component by 11.40. Significant progress was being made in closing the "Gap" until we were hit with a limit up move by the QQQs today. The fundamental seem to be very strong and it is driving the futures sharply higher.

The six-day moving average carcass weight dropped to 210.37#. That is +2.28# yr/yr. Index hogs were also lighter at 209.16#. Packer hogs are now lighter than the non-packer hogs by -0.54#. It appears that packers have been running their hogs to market at a brisk clip.

I scalped out of one of my long QQQ9s and missed my my chance to buy back in. I also scalped out of a QQQ20 and will try to buy it back also. I have quite a few long 2020 futures that I am HODLing. We are in the chase for both the seasonality high and the Hog Cycle crest. We are going to have a mighty interesting hog market over the next year or so.

Best wishes,

Doc