8/1/19 WAS down -0.17 and the model projects the component on yesterday's kill will creep up between +0.30 and +0.60 supported by some more expensive hogs packers now have in inventory.

Producers seem to have ample numbers of market ready hogs to deliver to the packing plants. Yesterday with their soft bids packers were able to purchase 87.5% of the moving average daily purchases of total hogs and 96.9% on the index hogs. The kill this week is in line with the last H&P report.

The sharp sell off in the hog futures yesterday following the President slapping an additional 10% tariff o $300 billion of imports from China made it very difficult for me to HODL the 2020 futures. Another down move like that today will put an uncomfortable dent in my margin. The market action so far today suggests if there is a bounce, it will be a very muted bounce.

But the way I see it, something is better than nothing.

Best wishes,

Doc