7/30/19 was up an even one buck and the model projects the component on yesterday's kill will be up between +0.80 and +1.10. That does not look to me like a set-up wherein the QQQs should be trading discount to the component but it did settle at a discount last night.

Packers purchased 88.% of the daily moving average of purchases on total hogs and 100.1% on the index hogs. Hog numbers seem to be adequate it is the demand that is pushing hog prices up.

Best wishes,

Doc