6/30/14 was up $0.17 and the model projects that the component on the 6/30/14 kill will be up between 0.40 and 0.70. Perhaps the rate at which packers are bidding higher is slowing. Packers did get a very solid purchase yesterday at 125.2% of the moving average daily purchases. It has been a while since we have seen a purchase that large. I'm scratching my head and wondering if this is suggesting that producers are becoming motivated sellers knowing that the yearly CME Index high is generally set just before the Independence Day holiday.

Best wishes,

dhm