8/13/19 was down -0.81 and the model projects the component on yesterday's kill will drop between -0.55 and -0.85. The QQQs are trading discount to the component by -1.35. The component will need to drop and average of -0.91 per day to close that "Gap" . That may be a stretch. Over the past seven-days it has dropped an average of -0.66/day.

With their lower bids packers purchased 106.5% of the daily moving average purchases of total hogs and 96.9% on the Index hogs. The kill so far this week is coming in below projections from the H&P report and carcass weights are below one-year ago. This makes me wonder, "Are there fewer hogs than the USDA estimated at 6/1/19??"

Best wishes,

Doc