7/18/14 kill was down 0.59 to 132.82 putting the CME Index component premium to the QQQs by 7.22. Traders are becoming firmly convinced that packers are going to be hacking their bids. That is exactly what they did in 2009 - they took their bids down by 10.30 from this date until expiry.

The six-day moving average carcass weight rose to 213.82#. That is +10.73# year/year. Cool weather and cheaper feed is causing hogs to grow well. There is a good chance that favorable feeding margins has producers holding onto hogs. Based on the last H&P report, there may 288K hogs that are behind schedule n being shipped.

I made quite a contribution to Dewey today, Chuck, but I have closed the spigot so he will have to go to someone else for money now.

Best wishes,

dhm