8/1/19 was up +0.38 to 84.83 setting a new seasonality high for this year. The QQQs are now trading discount to the component by -7.35. "The Market" thinks packers are going to lower the hammer on their hog bids - and I will be watching carefully to see if "The Market" is right or not.

The 6-day moving average carcass weight was unchanged at 208.68#. That is +0.38# yr/yr. Producers have become very current in their shipments. Index hogs were lighter at 208.66#. Packer hogs are heavier than non-packer hogs by +0.49#.

Today I was able to unload a bunch of long V/Z spreads that I have been piling on my boat over the past week. I still have quite a few more that I would like to unload but I have some space now that I can re-liad if they dip again.

Best wishes,

Doc