7/30/19 was up +0.83 and the model projects the component on Tuesday's kill will be up between +0.60 and +0.90. The weakness of the QQQs today now has them at a discount of -0.70 to the component. With the cutouts being up 3.05 today along with the jump noted in the Purchase Index, I wonder if "The Market" made a mistake today when it dropped the QQQs below the component.

Packers' margins improved greatly today and the model projects they are now at $8.53/hog.

Today packers purchased 87.5% of the moving average daily purchases of total hogs and 96.8% on the index hogs. To reach this level of purchases, packers ended up throwing a good bit more money at hogs.

Today I added another August 19 and another August 20 futures as well some scalping trades but at the end of the day the weakness of the 2020 futures dealt my margin some bad news. Tomorrow will be another day and the data seems to say it will be a better day for the hog bulls.

Best wishes,

Doc