Good morning DH, Following is what I just received from Dennis -

LEAN HOGS:
Friday the 13th…. A phase one trade deal has been reached although it’s not been confirmed yet by the Chinese. Admittedly they’re irritated by Trumps tactics in always having the first and last word. However, the deal is wanted by both and Trump is rolling back tariffs which the Chinese insisted upon. The deal calls out China to purchase a huge amount, $50 billion, in Ag commodities. Hogs will reap the full benefit from this deal. The market is bid limit up and I’d expect it will stay that way. My advice, don’t fade this market. The funds are short, the small spec trader is short, and commercials are only a small short. The specs are going to have to pay up to get out. China is not expected to make an official announcement until the weekend. The lack of clear confirmation should not stop the market from moving to and holding limit gains today. Cash is called steady to firm for today. I’ve learned that the Wed kill was indeed revised downward by 7,000 pigs due to mechanical issues. The Sat kill effort is estimated to come in around 305,000. Repeating, IMO the limit gains will stick today.