7/7/15 was up 0.59 to 78.34. That's a bigger jump than the model projected but the model was right is projecting an "UP" move.

The NNNs are now premium to the component by 1.14. The down trend in the index is broken for now and the market seems to be trying to establish an up-trend. The six-day moving average carcass weight firmed mildly to 211.05#. Packer hogs were a bit lighter and non-packer hogs were a bit heavier. Yr/yr the 6-day moving average carcass weight is -2.46# but +7.23# over 2013. That puts a lot more pork into the mix.

The Goldman Roll seems to have shaken the hog market up a bit. It dropped the price of the Q/V spread enough for me to feel comfortable piling three more on my boat. Have orders waiting in line to add more if there is another leg down tomorrow.

The model is now projecting a cash settlement index for the NNNs of 79.97 with a range of 79.47 to 80.47. I still have a couple of long NNNs. Had orders working to buy more but the dip this morning was not sufficient to get me fills.

Best wishes,

dhm