6/7/16 was up +0.78 and the model projects that the COMPONENT on yesterday's kill will be up between +0.50 to +0.80. The MMMs settled premium to the component by 3.17.

Jumps like we have seen lately can close a lot of "Gap". In the last three years the index has moved up more than four points from this date until the MMMs expired. I suppose it is possible that this year could be four-in-a-row!

I rode a long MMM pig overnight. Early quotes suggest it was an all right thing to do but that could change in a hurry.

Best wishes,

dhm