checked the data. On average over the past 12-years , from this date until the NNNs go to cash settlement, the Index lost -0.81. The most it ever lost was -5.11 in 2011. In 2014 the index went on a tear and gained +5.36. During that 12-year period it was down in eight-years and up in four years.

It is the supply demand factors here and now that determine price and not historicals, as you know, but the biology of hog reproduction does cause seasonal tendencies in the hog market that tend to repeat year after year with production high in the late fall and winter and low in late spring and summer.

Best wishes,

D.H.