6/14/17 was up +0.74 to 83.30 and the model is showing that the cash settlement Index for the MMMs was 82.93. Not much gained or lost going to cash settlement. The sell-off in the NNNs has them now discount to the component by -1.17. Many times I have said that when I get a directional bias the market does just the opposite making me one of the best fades around. And so it was this morning. I was thinking up and the m arket headed south. The speed with which it dropped made mighty nice fishing for ITZ if he had his lines set. I decided not to give ITZ and of my money yet, but I may beforethe day is over.

Carcass weights continue to fall. The 6-day moving average carcasss weight was down at 209.04#. That -2.19# year/year. I still think hogs have been pulled forward. Packer hogs are -1.45# under non-packer hogs. Index hogs are at 209.15#.

I bought some NNNs just before the price collapse this morning. I may have to take some bitter medicine before the day is over.

Best wishes,

dhm