7/26/19 was UP +1.40 and the model projects the component on Friday's kill will be up between +0.90 and +1.20. The QQQs are now trading premium to the component by +4.82. The model projects the component needs to gain an average of +0.36 per day to close the "Gap". The component has gained an average of +1.13 per day for the past 8-days. The negotiated hogs were down sharply on Friday.

On Friday packers purchased 104.5% of the moving average daily purchases of total hogs and 92.8% on the Index hogs. On Friday's these percentages are generally in the 120% range. Now this morning packers are having trouble getting their numbers out for the 201 report.

Best wishes,

Doc