7/12/16 was down -0.39 to 81.18. That cuts the "Gap" to -0.98 with the NNNs being at a discount to the component. With three more days of data to come in, I think the packers will get the index down to where the NNNs are trading. I'm watching. If traders bounce the NNNs to 80.50, I will feel compelled to sell the NNNs and take them to cash settlement.

The six-day moving average carcass weight eased to 209.30#. That is -1.84# yr/yr. Packer hogs are heavier than non-packer hogs by 1.08#. Packers have been hurrying their hogs to market this summer. Index hogs continue to be lighter at 208.54#.

The load of spreads I have on my boat is a little light. If I don't get some added, I may have to take on some ballast so I don't get sea sick from the waves tossing the boat around. I'm trying to buy the V/Z at 6.10 to replenish one that went Ka!! Ching!! and also would like to buy the M/N at 0.20. That is not likely to happen today. I did buy a Z/G at -3.90 and now I'm wondering, "What were you thinking of?"

Best wishes,

dhm