11-7-14 was down 0.06 to 87.89. The strength in the ZZZs has put them premium to the component by +1.76. It appears that traders have shed their bear skin coats and are now running with the bulls.

On average over the past 10-years, from this date until the ZZZs go to cash settlement, the Index has gained 1.56. The most it gained was 8.95 in 2009 and in 2113 it posted a record the other way dropping 4.05.

That doesn't tell us much about what it will do this year but it does tell us that we are in that time of the year when hog prices can be quite volatile. With demand not being too strong and supply being fairly good, my guess is that the Index will have a little trouble exploding to the up-side.

Best wishes,

dhm