8/19/19 was own -0.94 to 77.41. The VVVs settled discount to the component by -12.43. Cutouts dropped another -1.07 and packers' margins dipped to $13.55/hog. We are now beginning to get serious about finding the trough to this seasonality. Generally it happens about the time that the ZZZs go to cash settlement.

The six-day moving average carcass weight eased to 208.63. That is +0.75# yr/yr. Index hogs were also a bit lighter at 208.59#.

The market showed me a little kindness today and pumped the summer 2020 futures up a little. That enabled me to take profits on a long QQQ20 I had piled onto my boat as a scalper. Now I will wait for a dip to 84.15 and pile it back on.

Best wishes,

Doc