to me that the February piglets would be in the 50$# to 119# category of the last H&P report. The USDA pegged them down 5.9%. My projection is that they will begin coming to market about the time that the QQQs expire and should all be marketed by 10/7/14.

I think the 120# to 179# category are coming to market now. The USDA projected they were down 3.31% however the kill lately is trailing last year by 7.4%. If the worst part of the hole is ahead of us, then the kill rate will probably not move up until somewhat after the QQQs expire so packers may be scrambling to see who gets to kill the hogs for the Labor Day bounce in demand.

I may have made a mistake by scaling out of some QQQs and Q/V spreads this morning but I hung onto enough of them to keep the wolves away from the front door in the event the QQQs move up to close the Index to QQQ gap.

Best wishes,

dhm