6-29-15 was UP +$0.07 AND the model projects the CME Lean Hog Index component on the 6-29-15 kill will change between +0.05 and -0.25. This may be giving us a signal that the long down trend hogs have been on is about to come to an end. I'll say this, it has been some downtrend driven both by high supply and modest demand.

Hogs are continuing to come to market at heavy weights but that seems to be moderating a bit. Perhaps producers are liquidating their inventory of market hogs and getting more current in their shipments.

I'm still licking my wounds from the huge draw down I suffered yesterday when the Q/V spreads came unglued. I resisted the temptation to dump any of them and in fact I piled on a bunch more. My boat is riding low in the water but I have room for a few more if yesterday's sell-off continues.

Best wishes,

dhm