7/30/15 was down -$0.19 and the model projects that the CME Lean Hog Index component on yesterday's kill will drop between -0.05 and -0.35. The data seemed to indicate that the down trend in the index might have ended but it looks like it has returned. This is not very surprising considering the heavy carcass weights and large kill rate and only so-so demand.

This month is turning out to be a fairly good month for me but it is not because I know where the CME Lean Hog Index is headed; rather it is because I DIDN'T KNOW where the index was headed and relied on trading the spreads looking at them from an historical standpoint. Fortunately the Q/V spread did what it genereally does and I was rewarded for thinking it might do that.

My boat is very lightly loaded and bouncing around like a cork.

Best wishes,

dhm