6/22/17 was up 0.56 to 90.45. The NNNs are now trading discount to the component by -5.30. Last year on this date the NNNs were trading premium to the Index by +0.33.

The 6-day moving average carcass weight was steady at 207.62#. That's -2.17# year/year. Looking at the way carcass weights have fallen, especially packer hogs, I am thinking that hogs have been pulled forward. A decline of 2.23# in the carcass weights might indicate that one to two days of kill have moved forward or 225K to 400K.

The cold storage report did not show that pork is piling up in freezers. It seems to be carried off by consumers.

I'm still long some NNNs and one QQQ. The NNNs are not giving me any problem but the QQQ is punishing me!

Best wishes,

dhm