6-23-15 was down -0.20 to 78.83. The NNNs are now discounted to the component by 4.00. The six-day moving average carcass weight firmed to 212.13#. That is -2.23# yr/yr but +7.02# over 2013. So far this week the kill is running +7.98% over the same week last year. A lot of heavy hogs produces a lot of pork and besides that, there is a fair amount of pork in cold storage. We did not see the firmness in the Index that we generally see in front of the Independence Day holiday. Actually the index is down 3.17 since 6-1-15.

The action on the NNNs has me thinking it will be a good idea to up-date the model to see if it can make a decent projection for the cash settlement for the NNNs. There are only 14 more trading days until the NNNs go to cash settlement.

Best wishes,

dhm