7/14/16 was down -0.70 to 80.12 and that represents 50% of the CME Lean Hog Index cash settlement for the NNNs. The model projects that the cash settlement will be 79.89 with a range of 79.65 to 80.15. At this point going to cash settlement with short NNNs appears to have been the appropriate side of the market to be on. I was able to sell two more of the NNNs this morning at 80.20. They won't add much but will probably give me a bit more than commissions.

The six-day moving average carcass weight moved up to 209.71# with packer hogs almost steady and non-packer hogs were heavier by nearly a third of a pound. Packer hogs are only 1.04# heavier now. Packers have moving their hogs out at a rapid clip. Index hogs continue to be ligheter at 208.68# and they were steady on yesterday's kill.

Best wishes,

dhm