7/30/19 was up +0.79 to 83.78 and the QQQs are trading discount to the component by *2.43. "The Market" has now become convinced that packers are going to be hacking away at their bids BIG TIME. The CME Lean Hog Index appeared to be on a trajectory to take out the seasonality high of 84.59 set on 5/17/19 but the futures market is saying, "Not so fast, Nellie, we are headed lower!"

The 6-day moving average carcass weight eased to 208.69#. That is +1.18# yr/yr. Index hogs were also a bit lighter at 208.80#. Packer hogs are +0.25@ heavier than the non-packer hogs.

If you are looking for me this afternoon, I am out behind the woodshed nursing my wounds!!

Best wishes,

Doc

"In the hog market, you can always expect the unexpected" Long Bear

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