8/5/1 was down -0.14 and the model projects the component on Monday's kill will fall in the range of unchanged to +0.30. Packers may have an inventory of more expensive hogs purchased to be mildly supportive to the component on yesterday's kill.

Packers only purchased 68.3% of the moving average daily purchases of total hogs and 67.0% on the index hogs. That is a very low purchase and I wonder, "Why?"

Were hogs in short supply?

Or did packers want very few hogs?

With primal cuts having sold well, my bias is that hogs were in short supply.

Today I lightened my load of long 2020 futures but I still have quite a few and I held all long QQQs.

Best wishs,

Doc