7/25/19 was up +1.51 to 79.61. The QQQs are now trading premium to the component by 6.525.

The 6-day moving average carcass weight was unchanged at 209.15#. That is +1.91# yr/yr. Packer hogs are now lighter than the non-packer hogs by +0.53#. I continue to be impressed with how current packers have now become with their shipments. Index hogs firmed a little in weight to 209.05%.

Over the past 8-days the component has gained an average of +1.13 per day. If that rate of gain continue until cash settlement (which I can't imagine happening!)' the QQQs would go to cash settlement at 94.92. To close the "Gap" the component would need to tack on +0.48 per day. That could happen so I am not ready to get short the QQQs.

Best wishes,

Doc