6/25/15 was down -$0.22 and the model projects that the CME Lean Hog Index component on the 6/25/15 kill will drop between -0.30 and -0.60. This is very close to the projection from the afternoon reports. Packers did not get a very good purchase yesterday - only 78.6% of the moving average daily purchases. It might be that they are looking forward to the Independence Day holiday and are needing fewer hogs. So far I am not seeing anything that suggest producers are getting short of market ready hogs. This is the time of the year when shortages can show up and will often be associated with a decline in the six-day moving average carcass weight.

The six-day moving average carcass weight held steady yesterday.

The rally the NNNs just made seemed out of character to me and I tried to sell it but missed the spike.

Best wishes,

dhm