6/26/15 was down $0.46 and the model projects that the component on the kill for 6-26-15 will be down between -0.40 and -0.70. The weakness in the NNNs has closed the "Gap" to -2.90. Traders still think the index is headed lower and they might be right.

I'm really getting burned by the Q/V spreads this morning. It appears that I was all wrong in my thinking that producers were going to have sizeable numbers to ship this fall. I got a little help from one short NNN but much.

The market seems to think the H&P report was bearish near term but bullish long term. I get the bearish near term with all the pork coming to market.

Best wishes,

dhm