12/2/15 was up +$0.18 and the model projects that the CME Index will move up between +0.10 to +0.40. There does seem to be an end to the long down trend we had following the post Labor Day surge and now we are on the next up-trend. It may not be a very robust up-trend but it does have the potential for running a while. The last H&P report suggests that the kill rate may begin to slow now that the 50# to 119# category are coming to market and this decline may continue well into January.

If this decline in the kill rate is accompanied by a mild increase in demand, it is possible the up-trend could last as long as the downtrend we have just come through.

Best wishes,

dhm