out of all of your trades. My boat is laden down with 76 calendar spread trades plus more short VVVs and ZZZs than I probably should have and the number grew a little today. I'm happy to have moved out some calendar spreads today. It appears that the market took pity on me today and gave me a little breathing room.

From the noon reports the model projects that the Purchase Index for today will drop -$0.61 and the component on today's kill will drop another -0.70 to -1.00. We are gradually running out of "Gap".

The kill today came in at 451K. The model says there were another 3,000 hogs finished today that did not keep their appointments at the packing plants. And so we watched the log-jam of hogs in producers' barns make another leg up today. If the last H&P report was correct, a real problem may be brewing.

Best wishes,

dhm