6/30/15 was down -$0.02 and the model projects that the component change on yesterday's kill will be in the range of -0.05 to -0.35. It appears that the down trend in hog prices is coming to an end. Even though the down trend may be coming to an end, the data continues to show lots of heavies being kill so pork production is at a high level and yesterday cut outs slipped nearly a buck and a half. It doesn't look like there will be a very solid up trend until demand improves or supply slows down. Demand could arrive in a hurry if each of China's 1.5 billion were to eat an extra pork chop a week.

Ka! Ching!! Ka! Ching!! Ka! Ching!! I'm now beginning to take profits on the extra Q/V spreads I piled on the deck of my boat during the fire sale on Monday. Still have more to go.

Best wishes,

dhm