7/7/16 was only down 0.11 to 82.85. I was suspecting packers had some more expensive hogs lined up but they had more and at a higher price than I was thinking.

The Component in now premium to the NNNs by 1.70. Traders still feel the index is headed lower for the next six trading days. They really didn't get much today but the Purchase Index may be suggesting that there is more on the way. I was scalping from the short side today with modest success but did get a couple of N/Q spreads on and off my boat. It isn't often that I both load and un-load the same day but I did today.

Best wishes,

dhm