will be late due to packer submission problems. The component on the kill for /17/15 (which I forgot to post yesterday) was down -0.37. That was with the range of -0.15 to -0.45 projected by the model. We still seem to be in a down trend.

From the afternoon reports from yesterday, the model is projecting that the final Purchase Index sill be down -$0.07 and the component on the 6-18-15 kill will drop between -0.15 and -0.45. I find that the morning reports have better predictive power than the afternoon reports from the previous day so there may be some change to this projection when the USDA finally posts the morning report today.

I piled two N/Q spreads onto my boat this morning at 1.425.

Best wishes,

dhm