7/15/15 was down -0.12 to 80.55. That makes the cash settlement index for the NNNs 80.59. It worked out just fine to go to cash settlement with a handful of NNNs. Never has my Hog Pricing Model performed better than it did on this expiration cycle with the NNNs. Sometimes it is not even able to make a projection.

The six-day moving average carcass weight firmed a bit to 211.22#. That is -2.13# yr/yr but +6.99# over 2013. Packers are still contending with a mountain of pork to have to move. Traders don't think they are going to be able to move it without cutting the price. That is why they have bid the NNNs down to a discount of -5.15 to the CME Lean Hog Index component.

Ka! Ching!! Ka! Ching!! Ka! Ching!!Just cleared the deck of three more of the long Q/V spreads. With the expiration of the NNNs and now selling these, my boat would be riding mighty high in the water if it were not for having a little cash on board to tote to the bank. Scalping a few QQQs today hasn't hurt anything, either.

Best wishes,

dhm