5/18/15 was up +$0.25 and the model projects that the CME Lean Hog Index component on the 5-18-15 kill will be up between +0.40 to + 0.70. The Index continues to be on an up-trend but the rate of acceleration seems to be on the decline. Generally there will be some weakness in the Index when the holiday demand for more pork gets satisfied. The way this look now, there is a good chance that will happen again this year. This decline often continues until the MMMs expire at which time there is generally a reversal as demand begins to build for the Independence Day holiday.

Every year is different however supply/demand factors play a big role in whatever happens.

I may be getting myself into some trouble by scaling into some long Q/V spreads. I loaded my boat with several earlier in the year and successfully ferried them across the pond for my profit targets. Now to see if I can do it again or whether "The Market" will reclaim so of that which is already in the bank.

Best wishes,

dhm