7/1/14 was up $0.62 and the model projects that the CME component on the 7/1/14 kill will jump between +o.50 to +0.80.

The HEN4 futures settled premium to the index by 3.17. On average over the past 10-years from this date to cash settlement the index lost 1.91. The most it gained was in 2005 when it tacked on 3.25. In 2011 it dropped 6.36.

As I see the rate that packers are jumping their bids begin to decline and cutouts weaken, I find a bearish bias swelling up inside me and my thinking is that there may be a point or so of downside potential for a short NNN.

Best wishes,

dhm