8/8/19 WAS UP +0.11 and the model projects the component on yesterday's kill will change in the range of +0.05 to -0.25. The reported hog prices in the various markets were all over the place with the negotiated markets being mostly quite weak while some of the formula markets were quite strong.

Packers only purchased 89.6% of the daily moving average purchases of total hogs and 89.1% on the index hogs. There is a fairly high probability that packers will have purchased quite a few hogs in the afternoon so we may see a significant change to the Purchase Index in the morning.

The QQQs settled discount to the component by -5.21. The component needs to drop an average of -1.15 per day to close that "Gap". That does not seem to be the trajectory we are on so I am leaving the long QQQ19s on my boat. The componen has been down an average of -0.57 over the past four days.

Best wishes,

Doc