7/1/14 kill was up 0.58 to 128.45. The strength in the NNNs has opened their premium over the index to 3.40 with eight trading days to cash settlement. That's more than we usually see this close to the NNNs dying but this is anything but a "Usual" year.

The six-day moving average carcass weight continued to hold firm at 213.72#. That is +9.76# yr/yr.

Once again the market is showing you that I am generally a good fade when I develop a directional bias. My idea of being short the NNNs this morning is turning out to be a pretty "Tupid" idea.

Best wishes,

dhm