7/10/15 was UP 0.58 to 80.03. The NNNs are now trading discount to the component by -0.66 with three more days of data before we get to cash settlement. The model is projecting a cash settlement index for the NNNs of 80.25 with a range of 79.75 to 80.75.
The NNNs are showing a little strength today however not as much as expected considering the strength in the component.

The 6-day moving average carcass weight was steady today at 211.38#. That is +2.01# yr/yr and +7.31# over 2013. Packer hogs were quite a bit heavier and non-packer hogs were lighter.

I piled another long Q/V spread on my boat this morning and will add more if the dip becomes a bit more severe.

Best wishes,

dhm