7/14/15 was up +0.16 to 80.67. This represents 50% of the cash settlement index for the NNNs. Currently the NNNs are trading discount of -0.17 to the component. My Hog Pricing Model was a great trading tool for this futures expiration cycle. Sometimes it works well and other times it does not. It is now projecting that the cash settlement index for the NNNs will be 80.51 with a range 80.26 to 80.76. I still have a handful of NNNs that I will take to cash settlement.

The six-day moving average carcass weight was steady with a mild touch of firmness and it came in this morning at 211.14#. That is down -2.24# year/year and +7.19# over 2013. Packers continue to be faced with a challenge of moving a mountain of pork each day. So far they are getting the job done but they are having to accept mildly lower prices for the cut outs to do it.

Best wishes,

dhm