7/6/15 was UP +0.5O 77.75. The NNNs are now trading premium to the component by 1.75 with six more trading days before cash settlement. The six-day moving average carcass weight eased to 211.01. Most of the weight loss was in non-packer hogs. Packers are still bringing their hogs to market at very heavy weights. That is -2.52# yr/yr but + 7.06# over 2013. The declining carcass weights may indicate that producers are not a flush with hogs as the last H&P report suggested.

The model is projecting that the cash settlement index for the NNNs will be 79.64 with a range of 79.19 to 80.19. Yogi Berra said, "I never make predictions - especially about the future." Maybe I should learn from Yogi.

Still holding two long NNNs and they are doing me no good.

Best wishes,

dhm