projects that the component on today's kill will be up between 0.70 and 1.00. There were a lot of "Holes" in the noon reports so there will undoubtedly be some shifting in this projection but it does appear that packers are keeping their bids firm.

Assuming that we get the 1.00 jump on today's component, then it takes and average daily jump of 0.50 from now to expiry to get the index up to the 132.925 printed by the NNNs today. The average of the maximum daily gains over the past ten-years is 0.05. That makes me think that getting an average daily gain of 0.50 is a fairly tall order. But this is an unusual year because of the PED virus so I guess anything is possible.

I see the NNNs just touched 133.00 again. I'm not buying!

Best wishes,

dhm