6/24/16 was up 0.21 to 84.72. The weakness of the NNNs now has them discounted to the component by 1.52. Both the Purchase Index and the CME Index are both in an up-trend. Packers have a couple of weeks to begin bidding lower it the "Gap" is going to be closed by a collapse in the Index.

Packers didn't seem to be bidding lower in the noon reports.

The 6-day moving average carcass weight eased to 210.05#. That is -1.87# yr/yr. Weights that much lower subtracts quite a bit of pork from the pool. Index hogs were lower at 209.11#. Both packer and non-packer hogs were lighter.

I know there is quite strong tendency for the Index to show a little weakness following a holiday and traders are expecting the index to drop after the Independence Day holiday. My read on the numbers has me thinking it may not happen so I bought an NNN pig.

Best wishes,

dhm