6/13/17 kill was UP 0.97 TO 82.56. The model is now projecting that the cash settlement index will be 82.93. It doesn't appear that there is much to be gained or lost by going to cash settlement riding an MMM pig. I will take some to cash settlement. The NNNs are now trading essentially in lock-step with the component. Without a "Gap" there may not be that often seen fall-off in the price of the NNNs when the next contract becomes front month.

The 6-day moving average carcass weight was steady at 209.21#. That is -2.23# yr/yr. It continues to appear that hogs have been pulled forward. With hot weather coming on, the rate of hogs finishing may slow a bit. There will most likely be some slump in demand following the holiday but the BLT SEASON will shortly follow. Cutouts were very strong yesterday so packers margins are in good shape. I'm having a little trouble seeing a bearish scenario here for the NNNs. The H&P report may change that but my bias is that it will more likely add a bullish tone.

i'm getting a little help from the Q/V spreads today but not enough to run to the bank with any money yet.

Best wishes,

dhm