7/23/19 was way, WAY UP by +1.96. The model projects the component on yesterday's kill will sky-rocket between +0.90 and +1.20. As primal cuts have improved, packers appetite for hogs as really come alive. The model calculates that packers' margins are now +12.08/hog. I thnk they do all right with that much margin - not great but all right.

With their higher bids, packers purchased 99.2% of the daily moving average purchases of total hogs and 105.0% on the index hogs. Packers made a solid purchase for a Tuesday but they really paid up in the afternoon to round up the hogs.

Still long a QQQ pig and enough 2020 futures to satisfy my appetite. I have some space on my boat to buy more if the price dips.

Best wishes,

Doc