shows that packers have 2.05 million hogs scheduled for delivery. That is 42K fewer than on this date last week and last week had a holiday in it. Compared to one-year ago it is down 18K which is not a big decline, never-the-less it is fewer.

The data is still not telling me that packers are going to have the elbow room to slash their bids much yet. The way the QQQs and the VVVs are being trashed today tells me that traders are thinking that packers are going to be setting on their wallets in the very near future but perhaps not until the NNN pigs die.

Best wishes,

dhm