ITZ. I sold MMM at 76.20 and covered at 75.20. As it has now turned out I covered too soon.

There have been plenty of surprises in the hog market:

-) Surprised by the high market hog inventory in the H&P report.

-) Surprised early on there were so many sell orders at limit down.

-) Surprised that the limit sell orders evaporated before the opening.

-) Surprised that MMMs got into positive territory for the day.

-) Surprised that I could sell the MMM and pick up point so fast.

The only thing that didn't surprise me was the fact that the CME Lean hog Index component on Friday's kill was down -0.58 and that is right in line with what my Hog Pricing Model projected!

Best wishes,

dhm